Tuesday, 5 April 2011
Natural gas seen falling further
AHMEDABAD (Commodity Online): Natural gas MCX Apr contract opened down this morning at 193.9 per MMBTU vs. previous close of 194.8 made the same level as an intraday high and last traded at 190.7 down by 4.1 rupees. The said contract has made an intraday low at 189.5.
Natural gas future prices are falling steadily from last few days and likely to fall further because of ample supply and could test 183-177 levels within next few trading days. Positional traders are advised to sell on rise.
Technically, range for Natural gas is from 175-205. 14 days RSI for MCX Natural gas Apr contract is at 47 levels and it shows that natural gas prices are falling steadily and may fall further.
Positional traders can sell MCX Natural Gas Apr contract near 195 with a stop loss of 203 and can wait for targets of 185-180.
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