MCX Crude Oil may test Rs 9,000-mark; Key hurdle for Natural Gas at Rs 590

The MCX Natural Gas futures can slide all the way towards its 100-DMA placed at Rs 485-level; Crude Oil prices may see share reaction on breakout of the Rs 9,000-9,700 expected trading band.

Crude Oil

Bias: Positive

Last close: Rs 9,403

Support: Rs 9,010

Resistance: Rs 9,700

After testing the higher-end of the Bollinger Band, the MCX Crude Oil futures once again seem headed towards the 20-DMA (Daily Moving Average). Crude Oil prices have been treading northwards in the particular band since early May. The current band indicates a price range of Rs 9,010 to Rs 9,700.

The MCX Crude Oil June futures could test the support at Rs 9,010 as prices correct. The probability of this happening seems higher as select key momentum oscillators are showing signs of tiredness, with MACD (Moving Average Convergence-Divergence) turning negative. 

Accordingly to the