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

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