IND: MCX Natural gas likely to fall on short selling
Natural gas MCX Dec contract settled at 187 per MMBTU on Friday against previous close of 185.1 up by 1.9 rupees. Natural gas MCX Dec contract opened down at 185.7 made an intraday high of 188.3 and last traded at 186.4 up by 0.3 rupee after made an intraday low of 183. Natural gas prices are likely to fall from the present levels and could test 181-177 levels within next few trading days.
Technically Natural gas look sideway to bearish and range of Natural gas is from 175 205. Support for the Natural gas is seen at 179 and below it could touch 170. While resistance levels are 190 and 197. Short term traders can sell MCX Natural Gas Dec contract near 191 keeping a stop loss of 194 and can wait for the targets of 185-181.
