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Key support for MCX Crude Oil at Rs 7,550; Natural Gas may be range-bound

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The MCX Crude Oil futures has near support at Rs 7,550, below which it can slide towards the 200-DMA placed at Rs 7,150-odd level. Natural Gas futures need to sustain above the 20-DMA to maintain its

Topics

Crude Oil | natural gas | Market Outlook



Rex Cano  | 
Mumbai 



The MCX Crude Oil futures continue to trade below its key moving averages – 20-, 50- and 100-DMA (Daily Moving Average) on the daily chart. The bias too seems clearly in favour of the bears, with the possibility of oil prices testing the 200-DMA around Rs 7,150-odd level. However, the energy-based commodity has some near support around Rs 7,550.



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First Published: Wed, July 13 2022. 09:54 IST



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