Friday, 5 February 2016

Mcx Crude Oil and Natural Gas Updates

Crude Oil (Rs/Bbl):
Crude Oil prices rallied post the inventory data yesterday. Prices need sustain above 2244 levels to advance further towards resistance between 2276—2295 levels. Failure to sustain at higher levels will push prices lower towards 2120/2080 areas. The counter has found near term support between 2040—2020 zones.

Natural Gas (Rs./Mmbtu):
The outlook on Natural gas will stay negative until prices trade below 141. A decisive breakdown below 135 will push prices lower towards 133.40/129 levels. Sustenance above 141 will trigger a sharp bounce towards 146 levels. A daily close above 145 will be positive for the counter.

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