AHMEDABAD (Commodity Online): Natural Gas Aug touched Rs.190 on Multi Commodity Exchange (MCX) on Monday, hitting a two-month low and moved down by 1.35% due to weak industry demand.
Natural Gas opened at Rs.192.5 and made an intraday low of Rs.189.6 in the opening moves. However, the afternoon session seen a bit of recovery taking a cue from NYMEX and made a high of 190.60.
Total volumes for the day are 4642 lots and open interest is around 18212. Supports for Natural Gas can be seen at 185. Resistance level is at 195 and 200.
Natural Gas prices fell from 204.1 to 190 in last 4 days because of forecasts of moderate temperatures in the U.S. Midwest and Northeast later this month.
RSI for Natural Gas is at 30 and it is decreasing continuously since last 2 days due to selling pressure.
“Technically, one can long Natural Gas at 195 with a stop loss of 200 for target of 190,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
“Fundamentally, Natural Gas is berish. One can make short position at 210 levels for long term,” said Shah.
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