Natural Gas March prices rallied nearly 9.2% in the final two sessions of the preceding week at MCX, the biggest two-day gain since October, after Canada’s biggest natural gas producer, Encana, announced plans to cut gas production by as much as 600 million cubic feet per day in a bid to boost prices for the heating fuel.
In Today's session Natural Gas March contract open positive after yesterday’s fall in prices and currently it's trading at 139, rose by 1.02 percent by 13:47 IST. It touched an intra-day high of Rs 139.30 till the trading.
Natural Gas prices rise further amid a lack of production cut announcements from other major U.S. natural gas producers. Technically MCX Natural Gas March contract break the important resistance level of Rs 137 and now trading above of it, which confirm more upside momentum in coming sessions. Natural Gas March contract having a good resistance at Rs 148 and Support at Rs 132. If natural gas prices sustain above Rs 148 then I expect next price level of Rs 160 in coming weeks, informed Ankush Kumar Jain, Analyst with Commodity Online.
Short term traders advised to buy Natural Gas March contract around Rs 137 with stop loss of Rs 132 for target near Rs 148 for this week, added Jain.
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