Tuesday, 2 February 2016

Mcx Crude Oil and Natural Gas Updates

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MCX Crude oil. It suggests that prices are making lower highs and lows as it is trading in typical downtrend channel. Last Friday’s Doji candle suggests some reversal in the prices. Hence, prices are likely to trade on negative note. On the upside, recent high of 2345-2415 are acting as crucial resistance levels. Whereas, support can be seen at 2150-2020 levels.

MCX Natural gas. After gaining more than 7 percent in the last week, prices have opened this week with a fall of 3 percent. Technically, prices are likely to remain capped under crucial resistance of 160 and 166.10 levels. On the downside, immediate supports are located at 143.20 and 138.50 levels. Hence, bias is expected to remain bearish.

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