AHMEDABAD (Commodity Online): Natural gas MCX May contract opened at 193.3 vs. previous close of 193.6 made an intraday low at 192.
Currently at 6.28 pm, the contract traded at 194.1 up by 0.5 rupee after made an intraday high at 195.5. Natural gas future prices are likely to fall further as gas physical demand is weak on increased US EIA inventory.
“Technically, range for Natural gas is from 175-195,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
14 days RSI for NCDEX Natural gas Apr contract is at 55.04 levels and it shows sideways movement. Traders can sell Natural gas near 194 keeping stop loss of 197 and target of 189-185.
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