MCX Natural Gas likely to test new highs; key levels for MCX Crude Oil

The MCX Natural Gas futures may test Rs 704 as indicated on the daily charts; the bias for the remainder of the week is likely to remain bullish as long as Natural Gas sustains above Rs 673.

Crude Oil

Bias: Positive

Last close: 8,521

Support: Rs 8,365

Resistance: Rs 8,950

The MCX Crude Oil futures are likely to trade with a positive bias as the commodity consistently sustains above its key short-term moving averages. The 20-DMA (Daily Moving Average) for Crude Oil futures is placed at Rs 8,365-odd level, which is likely to act as an immediate support, below which the 50-DMA stands at Rs 8,070-odd level.

The daily charts indicate that sustained trade above the 20-DMA can potentially trigger an upmove towards the higher-end of the Bollinger Band, indicating a target of Rs 8,950 for the commodity. 

According to the