Tuesday, March 22, 2011

MCX Natural Gas Outlook- Go for Buy

MCX Natural gas March contract yesterday traded with the negative node and settled -0.05% down at 187.6 after a good bounce in the morning session climbing to a six-week high, as forecasts for colder-than-normal temperatures across most of the U.S. for the end of March boosted expectations for heating demand.

For today's session market MCX Natural Gas March contract is looking to take support at 185.3, a break below could see a test of 182.9 and where as resistance is now likely to be seen at 190.4, a move above could see prices testing 193.1.

MCX Natural Gas March contract trading range is 182.9-193.1.

Short term traders can buy MCX Natural Gas contract near 185 with the stop loss of 179 and can wait for the targets of 193 and 197.


Posted By Commodity MCX Tips