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The short-term outlook for the MCX Natural Gas futures contract is bullish. The contract recorded a low of ₹172.7 per mmBtu for three consecutive trading sessions and has risen on Thursday. It is currently trading at ₹177. A trend-line support is also poised at ₹170.
As long as the contract trades above ₹170, there is no threat for any sharp fall in the near term. Immediate resistance is at ₹182. A strong break above this hurdle can take the contract higher to the next targets of ₹186 and ₹189.
The outlook will turn bearish only of the contract declines decisively below ₹170. Such a break can drag it to ₹165 there after. But while it trades above ₹170, a rally to ₹191 or even ₹200 looks likely in the coming weeks.
MCX crude oil: Muted action is seen on the Crude Oil futures contract traded on the MCX for the past three weeks. The contract has been stuck inside a narrow range between ₹3,770 and ₹3,955 a barrel since June 10 within its broader ₹3,600-4,000 range. The immediate outlook is absolutely unclear.
Traders can stay out of the market until a breakout and a clear trade signal emerges.
A decisive close on either side of ₹3,670 or ₹3,955 will give an initial sign on which side the contract is going to break its broader ₹3,600-4,000 range.
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