Tuesday, 22 February 2011
Natural gas likely to fall further
AHMEDABAD (Commodity Online): Natural gas MCX Mar contract opened up at 174.8 vs. previous close of 173 made an intraday high at 175.8 and last traded at 175.2 up by 2.2 rupees after it made an intraday low at 174.
Natural gas prices have fallen by more than 19% in last five weeks on the back of short selling. Natural gas prices are likely to fall further from present levels and could test 170-166 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 31 levels and it shows natural gas prices are falling steadily. Intraday traders can sell MCX Natural Gas Mar contract near 177 with a stop loss of 180 and can wait for targets of 173-170.

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