MCX Crude Oil futures can slide to Rs 5,700-level, chart suggests

Sustained trade below Rs 6,800-level, can trigger a sharp slide in MCX Crude Oil August futures towards the 50-WMA; Meanwhile, bias for Natural Gas is positive.

The MCX Crude Oil August futures are once again trading below the key 200-DMA, thus giving the upper hand to the bears. The weekly chart indicates that sustained trade below the Rs 6,800-level, can trigger a sharp slide towards its 50-WMA, with interim support seen at Rs 6,200.

Crude Oil

Bias: Negative

Last close: Rs 6,870

Near Resistance: Rs 7,000

Support: Rs 6,200; Rs 5,700

The pullback rally for MCX Crude Oil futures after falling below the 200-DMA (Daily Moving Average) earlier this month was extremely brief. The Crude Oil futures have once again crashed below the 200-DMA tracking significant losses in the global