MTECHTIPS MCX Natural Gas: Trend unclear, traders await EIA data

MTECHTIPS:-MCX Natural Gas: Trend unclear, traders await EIA data

The trend in natural gas futures for June delivery on India's Multi Commodity Exchange (MCX) is unclear and intra-day traders are advised to be cautious while taking positions.“For intra-day, resistance for the commodity is seen at 238.5. If futures break this level, then prices may trade higher till 242 levels. Support for the natural gas is there at 231 and 228 levels,“Traders with risk appetite may take short position near 236 with stop loss above 239 and they may wait for the targets at 233 and 231 levels,” added Tarang.MCX natural gas for May delivery has been trading in narrow range for the last two days and was seen trading up by 0.56% at Rs.234.70 per mmBtu as of 02.17 PM IST on Thursday.US Energy Information Administration (EIA) is scheduled to release its weekly inventory data at 08.00 PM IST today.