Commodity Tips: Natural gas Updates

he major trend Natural Gas is consolidating and traders can go for  the strategy of buy on lower levels. If this week Natural Gas sustains above the level of 2.700 $ then above the level of $3.060 Natural Gas can test the level of  $3.110/$3.170/$3.230 and below $2.650 Natural Gas can test the level of 2.600/2.540 $. In MCX, if Natural Gas sustains above 150 in the coming week then above 170 it can test the level of 175/180/186, if it does not break the level of 150 on the downside.

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MCX Natural Gas Updates

Natural gas MCX Mar contract opened up this morning at 194 vs. previous close of 192.8 made the same level as an intraday low and last traded at 194.8 up by 2 rupees after it made an intraday high at 196.8.

Natural gas future prices have risen by more than thirteen percent in last three weeks. Natural gas future prices are likely to rise further and could test 205-215 levels within next few trading days.

As per EIA report released on Thursday, Natural gas inventory levels reached to1612 billion cubic feet (bcf) for the week ended on 18th March, 2011 decreased by 6 bcf which look supportive for the Natural gas future prices. Positional traders are advised to buy on dips.

Technically, range for Natural gas is from 175-205. 14 days RSI for MCX Natural gas Mar contract is at 69 levels and it shows that natural gas prices are rising steadily and entering in overbought territory. Positional traders can buy MCX Natural Gas Mar contract near 187 with a stop loss of 182 and can wait for targets of 196-204.
 

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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.

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Natural Gas News-Likely to rise

Natural gas MCX Feb contract opened slightly down at 201.3 vs. previous close of 201.5 made the same level as an intraday high and last traded at 198.5 down by 3 rupees after it made an intraday low at 197. Natural gas future prices are likely to rise on bargain hunting and could test 207-211 levels within next few trading days.

As per EIA report released on Thursday, Natural gas inventory levels reached to 2353 billion cubic feet (bcf) for the week ended on 28th January, 2011 decreased by 189 bcf which look supportive for the Natural gas future prices. Positional traders are advised to buy on dips.

Technically, range for Natural gas is from 193-211. 14 days RSI for NCDEX Natural gas Feb contract is at 45 levels and it shows natural gas prices are trading sideways.

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MCX Natural Gas Likely to Trade on Higher levels

MCX Natural Gas Jan contract yesterday traded with the positive but it has made a low of 197 and finally settled at 202.4 up by 2.90 rupees on Tuesday as buying seen in it


For today's MCX Natural Gas Jan contract is looking to take support at 200.8, a break below could see a test of 198.5 and where as resistance is now likely to be seen at 206.7, a move above could see prices testing 210.10.


Technically,Intraday Traders can buy MCX Natural Gas Jan contract near 201 with the stop loss of 198.5 and can wait for the targets of 206 and 210.1 while positional traders can buy MCX Natural Gas Jan contract near 202 with the stop loss of 198 and can wait for the targets of 210 and 219

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MCX Alert: Natural Gas Likely to remain Range Bound

Natural gas MCX Jan contract settled at 202.3 per MMBTU on Thursday against previous close of 205 down by 2.7 rupees. Natural gas MCX Jan contract opened down at 201 made an intraday high at 202.9 and last traded at 201.8 down by just 0.5 rupee after made an intraday low of 199.2. Natural gas prices are likely to remain range bound for the next few days and may trade in a range of 190-210.

Technically, Natural gas look sideway and range of Natural gas is from 185-215. Support for the Natural gas is seen at 197 and below it could touch 187. While resistance levels are 205 and 213.


As per EIA report, Natural gas inventory levels reached to 3097 billion cubic feet (bcf) for the week ended on 31st December, 2010 decreased by 135 bcf which look supportive for the Natural gas future prices. Positional traders are advised to buy on dips.


Intraday traders can sell MCX Natural Gas Jan contract near 205 keeping a stop loss of 209 and can wait for the targets of 200-198.

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Natural Gas Likely To fall Down

Natural gas MCX Dec contract settled at 187 per MMBTU on Friday against previous close of 185.1 up by 1.9 rupees. Natural gas MCX Dec contract opened down at 185.7 made an intraday high of 188.3 and last traded at 186.4 up by 0.3 rupee after made an intraday low of 183.

Natural gas prices are likely to fall from the present levels and could test 181-177 levels within next few trading days.

Technically, Natural gas look sideway to bearish and range of Natural gas is from 175-205. Support for the Natural gas is seen at 179 and below it could touch 170. While resistance levels are 190 and 197.

Short term traders can sell MCX Natural Gas Dec contract near 191 keeping a stop loss of 194 and can wait for the targets of 185-181.

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DEBT CRISIS EFFECT- Crude Oil Falls

Crude oil futures pared previous gains fell almost 1% below $76 on renewed doubts of sovereign debt crisis in Euro area backed by stronger dollar and weak equity indices. The premium over NYMEX WTI to ICE Brent narrowed to $2 as ICE Brent reported decline on Euro Zone debt problem. Natural gas futures traded steadied near $3.800 after falling on yesterday trade on moderate weather forecasts followed by an expiry in NYMEX October contract. NYMEX Crude oil has important resistance at $78, support at $72.


MCX Crude oil (Oct) has resistance at ` 3390, support at 3510.

MCX Natural gas (Oct) has resistance at 184, support at 176.  

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