Range-bound MCX Crude Oil may test Rs 6,100; Natural Gas in oversold zone

Natural Gas futures have tumbled over 74 per cent their record highs. The commodity is now seen trading below major monthly moving averages after two years.

The MCX Crude Oil futures continue to broadly trade in the Rs 6,100 to Rs 6,700 range. Currently, the bias seems in favour of Crude Oil futures testing the lower-end of the indicative trading band. 

The Natural Gas futures, which, are oversold may seek support around the Rs 200-mark. There is a ray of hope on the weekly chart which suggests that the commodity may bottom-out soon.

Crude Oil

Bias: Range-bound

Last close: Rs 6,282

Anticipated Range: Rs 6,770; Rs 6,100

The MCX Crude Oil futures continue to trade in a range-bound manner. Yet again, after facing resistance around its 100-DMA (Daily Moving