MTECHTIPS MCX Natural Gas positive; profit booking expected

MTECHTIPS:-MCX Natural Gas positive; profit booking expected

The trend in natural gas futures for June delivery on India's Multi Commodity Exchange (MCX) looks positive and profit booking is expected for the day. Intra-day traders are advised to take positions accordingly.“Resistance for the commodity is seen at 242.5 level and if prices sustain above the same then it may touch 246 levels. Crucial support is there at 238 levels, followed by the next support level at 235,MCX natural gas futures for June delivery was down by 0.78% at Rs.240.40 per mmBtu as of 02.24 PM IST on Tuesday.Natural gas futures on NYMEX are trading slightly up on warmer weather forecasts for United States. Weather forecasting models forecast higher than normal temperatures across most parts of the US.Natural gas futures for July delivery was seen trading up by 0.22% at Rs.4.294 per mmBtu as of 02.14 PM IST on Tuesday.US natural gas prices rallied across the forward curve last week. The balance of 2013 gained 6% w/w, while calendars 2017-20 gained 8% on average for the week.Calendars 2017-20 surged on news of the DOE’s conditional approval of Freeport LNG to export LNG to non-FTA countries.