AHMEDABAD (Commodity Online): Natural gas MCX Oct contract settled at 155.7 per MMBTU Saturday against previous close of 157.8 down by 2.1 rupees. Natural gas MCX Oct contract opened down at 155 made an intraday low of 154.1 and last traded at 154.8 down by 0.9 rupees as short selling is being seen in the market.
Natural gas prices are likely to fall further and could test 150-142 levels within next few trading days as inventory level is high and there is a low demand of Natural gas.
Technically, Natural gas prices are oversold and range of Natural gas is from 150-175. Support for the Natural gas is seen at 152 and below it could touch 147. While resistance levels are 161 and 167.
Short term traders can sell Natural Gas Oct contract near 158 keeping a stop loss of 162 and can wait for the targets of 152-147.
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