Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts

On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.

The MCX Crude Oil futures have surged over 17 per cent in the last ten trading sessions, as prices pulled-back sharply from oversold zone. The OPEC+ surprise output cut adds fuel to the rally in the short-term, but longer-term trend remains negative as Crude Oil futures trades below key moving averages.

Here's how Crude Oil and Natural Gas futures are placed on the charts.

MCX Crude Oil

Bias: Negative

Last close: Rs 6,199

Resistance: Rs 6,600

Support: Rs 5,990

The MCX Crude Oil futures have rallied sharply from its recent low of Rs 5,290 hit on March 20. Crude Oil prices surged as much