Upside for MCX Crude Oil may be capped at Rs 9,200 for now

On the downside, the MCX Crude Oil futures may test support near Rs 8,600-level; Natural Gas futures are likely to consolidate with support seen at Rs 600-mark.

Crude Oil

Bias: Positive

Last close: Rs 9,026

Support: Rs 8,590

Resistance: Rs 9,200

The MCX Crude Oil futures continue to trade with a positive bias as the price-to-moving average action plus select key momentum oscillators remain in favour of the bulls. 

So far this week, the MCX Crude Oil prices tested the higher-end of the Bollinger Band on the daily charts and then have re-treated a wee bit. As per the daily charts, the nearest support for the commodity is seen at Rs 8,550 - which is the 20-DMA, whereas upside resistance can be expected around Rs 9,250-odd level, above which the next possible target