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Crude Oil rallies as OPEC+ cuts output; Trend reversal unlikely hint charts

On Monday, the MCX Crude Oil futures were seen trading above the 100-DMA for the first time in more than six months. Sustained trade above Rs 6,350 can help the trend turn favourable for Crude Oil.

Oil prices at 3-week low as rising output risks Opec-led output cuts
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Rex Cano Mumbai

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The MCX Crude Oil futures have surged over 17 per cent in the last ten trading sessions, as prices pulled-back sharply from oversold zone. The OPEC+ surprise output cut adds fuel to the rally in the short-term, but longer-term trend remains negative as Crude Oil futures trades below key moving averages.

Here's how Crude Oil and Natural Gas futures are placed on the charts.

MCX Crude Oil
Bias: Negative
Last close: Rs 6,199
Resistance: Rs 6,600
Support: Rs 5,990

The MCX Crude Oil futures have rallied sharply from its recent low of Rs 5,290 hit on March 20. Crude Oil prices surged as much

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