Monday, February 7, 2011

Natural Gas Update- Likely To fall Further

MCX Natural Gas February contract declined around 2.4% last week to close at 197.60.

Natural Gas future prices remained below 20 days linear regression which suggests higher selling.

February contract at Indian Commodity bourse, MCX, opened at 197.10 per MMBTU against previous close of 197.60. It tested lower levels of 193.30 during the day. It last traded at 194.20. The contract faces resistance near 201.50 while its support is seen near 186.

Short term traders can sell MCX Natural Gas contract near 195 with stop loss of 201 and can wait for target of 187.


Posted By Commodity MCX Tips