Uptrend in Crude oil capped at Rs 6,760; Pivot for Natural Gas at Rs 285

In case Rs 285 holds, Natural Gas futures can potentially rally to Rs 344.

The MCX Crude Oil futures have pulled back above the 50-DMA after almost two months, sustained trade above the same is the key for further strength. Given the current chart set-up, the commodity is likely to face considerable resistance around the 100-DMA at Rs 6,740 level.

Natural Gas futures have been consolidating around the Rs 285 level for the last two weeks. While a short-term pullback cannot be ruled out, break and sustained trade below the support level can trigger a fresh slide at the counter.

Crude Oil

Bias: Marginally Positive

Last close: Rs 6,508

Target: Rs 6,740; Rs 6,760

Support: Rs 6,453; Rs 6,425

Resistance: Rs