AHMEDABAD (Commodity Online): Natural gas MCX Mar contract opened down at 232.1 vs. previous close of 235.1 made an intraday high at 232.1 and fell tracking Nymex future contracts. Gas future prices are trading lower because of higher level of storage and weak physical market.
Currently at 8.10 pm, the contract traded near intraday low of 228.2 down by 6.9 rupees.
“Technically, range for Natural gas is from 220-250,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
14 days RSI for NCDEX Natural gas Mar contract is at 30.51 level and it shows downtrend. Currently Gas is trading well below 7, 14 and 20 days weighted moving averages which also signals down trend. Fundamentally, Gas is not so strong because of weak global demand. Traders can sell Natural gas near 235 keeping stop loss of 242 and target of 227-220.
