AHMEDABAD (Commodity Online): Natural gas MCX Feb contract opened upside flat at 200.9 vs. previous close of 200.8 made an intraday low at 199.9.
Currently at 7.51 pm, the contract traded at 203.2 up by 2.4 rupees after it made an intraday high at 204. Natural gas future prices are likely to rise on bargain buying and could test 207-211 levels within next few trading days.
“Technically, range for Natural gas is from 196-215,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
14 days RSI for NCDEX Natural gas Feb contract is at 50 levels and it shows natural gas prices are trading sideways. Positional traders can Buy MCX Natural Gas Feb contract near 199 with a stop loss of 194 and can wait for targets of 204-208.
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