Thursday, 17 February 2011
Natural Gas likely to continue trade lower on MCX
AHMEDABAD (Commodity Online): MCX Natural Gas Feb contract yesterday traded with the negative node and settled -0.39% down at 180.5 dropping to a daily low as forecasts showed above-normal temperatures across major U.S. gas-heating markets in the coming weeks.
MCX Natural Gas Feb contract prices were down nearly 12% in February, and are down almost 19% since hitting a 5-month high of 220.
For today's session MCX Natural Gas Feb contract is looking to take support at 176.10, a break below could see a test of 172.00 and where as resistance is now likely to be seen at 182.4, a move above could see prices testing 184.3.
Short term traders can sell MCX Natural Gas Feb contract near 183.2 with the stop loss of 192 and can wait for the targets of 172 and 165.
Natural Gas trading range is 176.1-184.3.
Today MCX Natural Gas storage: EXP: -233B PREV: –209B
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