AHMEDABAD (Commodity Online): Natural gas MCX Jan contract settled at 186.2 per MMBTU on Monday against previous close of 188.9 down by 2.7 rupees. Natural gas MCX Dec contract opened up at 187 made the same level as an intraday low and last traded at 189.6 up by 3.4 rupees after made an intraday high of 190.2.
Natural gas prices may rise on bargain buying and could test 195-200 levels within next few trading days.
Technically, Natural gas look sideway and range of Natural gas is from 185-205. Support for the Natural gas is seen at 185 and below it could touch 179. While resistance levels are 195 and 203.
Natural gas future prices have fallen by more than eight percent in last five weeks.
Short term traders can buy MCX Natural Gas Jan contract near 185 keeping a stop loss of 179 and can wait for the targets of 193-199.
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