AHMEDABAD (Commodity Online): Natural gas MCX Oct contract settled almost flat at 161.3 per MMBTU yesterday against previous close of 161.4 down by just 0.1 rupee. Natural gas MCX Oct contract opened at 161.8 and last traded at 165.8 up by 4.5 rupees after it made an intraday high of 166.4.
Technically, Natural gas prices are oversold and range of Natural gas is from 160-180. Natural gas prices have fallen by more than 28 percent in last ten weeks. Support for the Natural gas is seen at 155 and below it could touch 147. While resistance levels are 170 and 176.
The prices are likely to rebound from the present levels because of bargain buying, may test 170-175 levels within next few trading sessions.
Short term traders can buy Natural Gas Oct contract near 163.5 keeping a stop loss of 159 and can wait for the targets of 167-170.
