Natural Gas futures for April delivery on India's Multi Commodity
Exchange (MCX) is expected to trade negative for the day and intra-day
traders are advised to sell on rise, according to our analyst.
“For intra-day, the commodity has good resistance at 220 while 208 is the support. Traders are advised to take sell position on rise around 217 with the stop loss of 220 and wait for the target near 213,” said Ankush Kumar Jain Research Analyst at Commodity Online.
Earlier, MCX natural gas futures for April delivery opened lower after a volatile Friday's trade and for the time being it is trading up by 0.28 percent at Rs.217.30 per mmBtu as of 06.14 PM IST on Monday.
Concerns over normal than colder US weather concerns are putting pressure on MCX natural gas movement.
Recently, natural gas prices have gone up significantly. The heating fuel is up almost 21 percent since falling close to a four-month low of USD3.125 per mn British thermal units on February 15.
The US natural gas storage stood at 1.876 trillion cubic feet as of last week, 21.5% against last year's storage.
Speculation on normal than colder weather is one among several reasons to go futures up.
NYMEX natural gas futures for 1.20 percent at $ 3.997 per mmBtu as of 07.07 PM IST on Monday.
“For intra-day, the commodity has good resistance at 220 while 208 is the support. Traders are advised to take sell position on rise around 217 with the stop loss of 220 and wait for the target near 213,” said Ankush Kumar Jain Research Analyst at Commodity Online.
Earlier, MCX natural gas futures for April delivery opened lower after a volatile Friday's trade and for the time being it is trading up by 0.28 percent at Rs.217.30 per mmBtu as of 06.14 PM IST on Monday.
Concerns over normal than colder US weather concerns are putting pressure on MCX natural gas movement.
Recently, natural gas prices have gone up significantly. The heating fuel is up almost 21 percent since falling close to a four-month low of USD3.125 per mn British thermal units on February 15.
The US natural gas storage stood at 1.876 trillion cubic feet as of last week, 21.5% against last year's storage.
Speculation on normal than colder weather is one among several reasons to go futures up.
NYMEX natural gas futures for 1.20 percent at $ 3.997 per mmBtu as of 07.07 PM IST on Monday.
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