AHMEDABAD (Commodity Online): Natural gas MCX Jan contract settled at 202.3 per MMBTU on Thursday against previous close of 205 down by 2.7 rupees. Natural gas MCX Jan contract opened down at 201 made an intraday high at 202.9 and last traded at 201.8 down by just 0.5 rupee after made an intraday low of 199.2.
Natural gas prices are likely to remain range bound for the next few days and may trade in a range of 190-210.
Technically, Natural gas look sideway and range of Natural gas is from 185-215. Support for the Natural gas is seen at 197 and below it could touch 187. While resistance levels are 205 and 213.
As per EIA report, Natural gas inventory levels reached to 3097 billion cubic feet (bcf) for the week ended on 31st December, 2010 decreased by 135 bcf which look supportive for the Natural gas future prices. Positional traders are advised to buy on dips.
Intraday traders can sell MCX Natural Gas Jan contract near 205 keeping a stop loss of 209 and can wait for the targets of 200-198.
