Natural Gas Hits Resistance, Sideways Movement Expected

Published 11/26/2012, 06:31 AM

MCX Natural Gas December contract has hit resistance at 224 levels and has eased slightly but fundamentals (cold weather in USA, Europe) continue to provide firm support for prices.

However, as seen in the chart below, MCX Natural gas may trade in sideways range with expected trading range at 220.20/Mmbtu to 224 levels this week as volumes and open interest continue to remain on the high side. Support is seen at Rs 216, 213 levels while resistance is seen at Rs 226, 227/Mmbtu.
MCX_Natural_Gas_Resistance1
By Sreekumar Raghavan

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