As expected the MCX Crude Oil futures retraced after testing resistance around its 200-DMA. However, the road ahead of is likely to get complicated as the key moving averages are seen converging on the daily charts.
Meanwhile, the Natural Gas futures are still awaiting a meaningful pullback rally following the sharp 80 per cent fall. For now, the Rs 195-level which is the 50-DMA remains a major hurdle for the commodity.
Here's what the charts suggest for MCX Crude Oil and Natural Gas futures:
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