Bias for MCX Crude Oil turns marginally positive, can rally up to Rs 7,600

Meanwhile, the MCX Natural Gas futures need to conquer the key resistances at Rs 224 and Rs 232 for a meaningful pullback rally to emerge.

The MCX Crude Oil futures were seen trading closer to the higher-end of the anticipated trading band. In case, Crude Oil futures are able to conquer the near term resistances, a smart rally to Rs 7,400 or higher to Rs 7,600 seems possible.

Meanwhile, the Natural Gas futures were seen closing in on the 20-DMA after nearly a two-month gap. If Natural Gas prices are able to clear the 20-DMA hurdle, the commodity could potentially open doors for up to 20 per cent upside.

Crude Oil

Bias: Marginally Positive

Last close: Rs 6,646

Target: Rs 7,400; Rs 7,600

Resistance: Rs 6,675; Rs 6,770

Support: Rs 6,465; Rs