MCX Crude Oil futures likely to exhibit high volatility in the near term

Sustained trade below Rs 6,940-level, can trigger a sharp slide in MCX Crude Oil August futures; Bias for Natural Gas futures has turned marginally negative.

The MCX Crude Oil futures are likely to trade on a volatile note as the fight between the bulls and the bears is likely to get intense, with momentum oscillators showing signs of turning favourable on the daily chart, but remaining unfavourable on the weekly chart. On the other hand, the bias for Natural Gas futures has turned marginally negative.

Here's what expect from the two energy-based commodities in the near term:

Crude Oil

Bias: Volatility likely to rise

Last close: Rs 7,190

Near Resistance: Rs 7,290

Near Support: Rs 6,940

After days of perseverance, the MCX Crude Oil futures eventually broke the 200-DMA (Daily Moving Average)