Tuesday, 9 February 2016

Mcx Crude Oil and Natural Gas Updates

MCX Crude oil. It suggests that prices are still trading under pressure. RSI is maintaining its bearish range of 20-50 zone. On the upside, prices are capped under crucial resistance of 2350-2415 zone. Whereas, it has immediate support at 2030 and further at 1900 levels. In the near term, if it breaks out of this zone then some big rally can be expected.

MCX Natural gas. After gaining more than 7 percent, prices lost by 10 percent in the last week. However, it is expected to hold downside support of 132.80 levels and it has potential to gain upto 156.60 levels. Momentum indicator RSI is also suggesting bullish crossover. Hence, prices are expected to trade on bullish note.

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