MTECHTIPS;MCX Natural Gas sideways to bearish; support 235 and 232

MTECHTIPS;MCX Natural Gas sideways to bearish; support 235 and 232

The trend in natural gas futures for June delivery on India's Multi Commodity Exchange (MCX) is sideways to bearish for the day and intra-day traders may take short positions“For intra-day, support for the commodity is seen at 235 and 232 levels. On the upper side resistance is seen at 242 and 245 levels,” said Tarng Parmar, Research Analyst at Commodity Online“Intra-day traders are advised to short near 238 with the stop loss of above 242 and can wait for the target of 232,” noted Tarang.“Prices have been unable to sustain above 242 levels as profit booking drags the commodity down from there,” Tarang said .MCX natural gas futures for June delivery was seen trading down by 0.04% at Rs.237.60 per mmBtu as of 01.50 PM IST on Wednesday.National Weather Service in its 6 to 10 day forecast and in an 8 to 14 day outlook, forecast above-normal temperature across the United States, both issued on Monday.However, traders are expecting mild weather and another above-average inventory injection. NYMEX natural gas futures for June delivery was seen trading down by 0.27 per mmBtu at $4.213 per mmBtu as of 02.04 PM IST on Wednesday.
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