Commodity natural gas likley to fall at MCX and NCDEX
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| Commodity, MCX, NCDEX |
The commodity segment for Natural gas MCX Mar contract opened up at 176 vs and the commodity previous close of 175.3 made an intraday high at 178.6 and on MCX the natural gas last traded at 174.9 down by just 0.4 rupee near its intraday low at 174.5.
The commodity prices for Natural gas at MCX and NCDEX have fallen by more than 19% in last seven weeks on the back of short selling. Natural gas prices are likely to low down further and could test 170-167 levels on commodity 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.
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