Thursday, 4 February 2016

Mcx Crude Oil and Natural Gas Updates

Crude Oil (Rs/Bbl):
Sustenance above 2100 levels will see crude oil prices rebound towards 2130/2155 levels. The counter though can witness fresh selling at higher levels. Any major upside is likely only if prices sustain above 2165 levels. Prices can rally towards 2225/2250 zones in that case. A decisive breakdown below 2020 will push prices lower towards 1940/1910 levels.

Natural Gas (Rs./Mmbtu):
The outlook on Natural gas will stay negative to range bound until price trade below 141.50. A decisive breakout above this resistance will trigger a bounce towards 145 levels in the counter. Weakness below 137 will see prices test 135 levels. A daily close below 135 will push prices lower towards 133/130.50 levels.

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