Natural gas faces hurdle at Rs 195; can rally up to 33% thereafter

In case, the MCX Natural Gas futures manages to conquer the Rs 195 hurdle, a sharp rally towards Rs 260 - 300 seems likely.

As expected the MCX Crude Oil futures retraced after testing resistance around its 200-DMA. However, the road ahead of is likely to get complicated as the key moving averages are seen converging on the daily charts. 

Meanwhile, the Natural Gas futures are still awaiting a meaningful pullback rally following the sharp 80 per cent fall. For now, the Rs 195-level which is the 50-DMA remains a major hurdle for the commodity.

Here's what the charts suggest for MCX Crude Oil and Natural Gas futures:

MCX Crude Oil

Bias: Indecisive trend likely

Last close: Rs 6,568

Resistance: Rs 6,755

Support: Rs 6,380; Rs 6,300

The