Near support for MCX Crude Oil seen at Rs 6,030; Natural Gas to test Rs 285

In case, the MCX Crude Oil futures fail to hold the support, the commodity could revisit its December lows of Rs 5,850 level.

The MCX Crude Oil futures have traded in a broad range of Rs 5,850 to Rs 6,700 in the last eight weeks. For now, the Rs 6,030 level is the near term support. If the energy-based commodity manages to hold above it, Crude Oil prices can bounce back to Rs 6,400 level.

Meanwhile, Natural Gas futures are now within striking distance of the downside target of Rs 285 mentioned since the start of December 2022.

Crude Oil

Bias: Negative

Last close: Rs 6,205

Target: Rs 5,940; Rs 5,850; Rs 4,920

Support: Rs 6,030

Resistance: Rs 6,400; Rs 6,565

The MCX Crude Oil futures have been