Crude oil continues to remain range-bound

September futures contract of crude oil in Multi Commodity Exchange (MCX) has been trading in a range between Rs 3,845 and Rs 4,075 over the past two weeks. The contract failed to move past a hurdle at Rs 4,075, thrice, within the past month, making this resistance level very crucial. On Friday, the contract made an intraday high of Rs 4,074 before falling to a low of Rs 3,921 and closing the day at Rs 3,967. As long as the contract trades below the resistance at Rs 4,075, long term trend will remain bearish. Nearest support for the contract is at the 20-day moving average of at Rs 3,925.