AHMEDABAD (Commodity Online): Natural gas MCX Oct contract settled at 174.1 per one MMBTU yesterday against previous close of 179 down by 4.9 rupees. Natural gas MCX Oct contract opened at 173.7 and last traded at 172 down by 2.1 rupees near its intraday low of 171.4.
Technically, Natural gas prices are oversold and range of Natural gas is from 160-180. Support for the Natural gas is seen at 167 and below it could touch 163. While resistance levels are 176 and 181.
Natural gas prices have fallen by more than 24 percent in last nine weeks. The prices are likely to fall further and may test 165-160 levels within next few trading days.
Short term traders can sell Natural Gas Oct contract near 176 keeping a stop loss of 179 and can wait for the targets of 170-165.
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