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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
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