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The MCX Crude Oil futures continue to trade below its key moving averages - 20-, 50- and 100-DMA (Daily Moving Average) on the daily chart. The bias too seems clearly in favour of the bears, with the possibility of oil prices testing the 200-DMA around Rs 7,150-odd level. However, the energy-based commodity has some near support around Rs 7,550.
Crude Oil
Bias: Negative
Last close: Rs 7,670
Resistance: Rs 8,150, Rs 8,300
Support: Rs 7,550
Downside Target: Rs 7,150
The MCX Crude Oil futures are currently seen testing resistance around the lower-end of the Bollinger Band on the daily charts at Rs
