Natural gas may get repositioned on commodity Buying
The Natural gas commodity contract of Mar at MCX is opened up at 181 vs. previous close of 180.6 showed an intraday high of 183.6 and last traded at 179.5 down by 0.6 rupees showed intraday low of 178.5.
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| NCDEX Natural Gas |
The commodity prices of Natural gas showed fall by more than 18% in last five weeks on the back of short selling. The commodity prices of Natural gas are likely to hike on bargain buying and could test 183-187 levels within next few trading days.
Technically, commodity trade range for Natural gas is from 175-205. according to 14 days RSI for NCDEX and MCX of Natural gas Mar contract is at 30 levels and it shows natural gas prices are oversold. The commodity intraday traders can buy MCX Natural Gas March contract near 177 with a stop loss of 174 and can wait for targets of 181-184.
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