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The MCX Crude Oil futures have pulled back above the 50-DMA after almost two months, sustained trade above the same is the key for further strength. Given the current chart set-up, the commodity is likely to face considerable resistance around the 100-DMA at Rs 6,740 level.
Natural Gas futures have been consolidating around the Rs 285 level for the last two weeks. While a short-term pullback cannot be ruled out, break and sustained trade below the support level can trigger a fresh slide at the counter.
Crude Oil
Bias: Marginally Positive
Last close: Rs 6,508
Target: Rs 6,740; Rs 6,760
Support: Rs 6,453; Rs 6,425
Resistance: Rs
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