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The MCX-natural gas futures contract remains bullish and has risen some two per cent in the past week. Immediate support for the contract is at ₹272 per mmBtu.
The 21-day moving average at ₹267 is the key short-term support and the outlook will continue to remain bullish as long as the contract trades above this level. Immediate resistance is at ₹278.
A break above this resistance can take the contract higher to ₹281 immediately. A further break above ₹281 can see a next target of ₹285. Traders with a short-term perspective can use intermediate dips to initiate fresh long position near ₹273. Stop-loss can be kept at ₹269 for the target of ₹281.
The MCX crude oil futures contract is continuing to trade within its broad ₹5,930-6,340.
MCX-crude oilWithin this range the contract has been consolidating at the mid-point of this range over the past week. This makes the immediate outlook unclear. Short-term traders can continue to avoid trading this contract until a clear trading signal emerges.
The 21-day moving average, currently at ₹6,069 is giving support to the contract now. Declines below this support will increase the probability of a fall to ₹6,000 and ₹5,950.
Traders with high risk appetite can enter short position if the contract breaks below the 21-day moving average. Stop-loss should be kept very tight at ₹6,090 for the target of ₹6,000.
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