Comments
Natural gas futures traded on the Multi Commodity Exchange (MCX) increased sharply on Wednesday after forming a strong base in the ₹165-170 per mmBtu zone.
It is currently trading near ₹175. The outlook for the contract is bullish.
Immediate support is at ₹172 – the 21-day moving average level. The contract may rise to test its 55-day moving average resistance at ₹182 in the coming days.
A strong break above this level will take the contract to its next target of ₹185.
Short-term traders can go long at current levels. Stop-loss can be placed at ₹171 for the target of ₹181.
The short-term outlook for the contract will turn bearish only on a strong break below ₹165. Such a break can take the contract to ₹160.
MCX crude oil: MCX crude oil futures are retaining their ₹3,000-3,350 a barrel sideways range.
The contract recorded a low of ₹3,034 on February 27 and has risen since then.
It is currently poised at ₹3,245 – just below the upper end of the range.
Short-term traders can wait on the sidelines for now.
The contract needs to break out of its range to indicate the next leg of move.
A strong break above ₹3,350 will be bullish.
The ensuing targets on such a break will be ₹3,450 and ₹3,530.
On the other hand, a reversal from ₹3,350 can drag the contract lower to ₹3,000 – the lower end of the range.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.