Natural gas MCX Mar contract opened up at 176 vs. previous close of 175.3 made an intraday high at 178.6 and last traded at 174.9 down by just 0.4 rupee near its intraday low at 174.5.
Natural gas prices have fallen by more than 19% in last seven weeks on the back of short selling. Natural gas prices are likely to fall further and could test 170-167 levels within next few trading days.
Technically, range for Natural gas is from 165-205. 14 days RSI for NCDEX Natural gas Mar contract is at 43 levels and it shows natural gas prices are trading sideways. Intraday traders can sell MCX Natural Gas March contract near 178 with a stop loss of 181 and can wait for targets of 175-172.