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Natural gas futures has lost about 7 per cent so far this week and is currently hovering around ₹303 per mmBtu. That said, the chart shows that it has been charting a horizontal trend recently.
The June natural gas futures has been fluctuating between ₹296 and ₹330 for nearly a month. Early this week, the contract fell off the resistance at ₹330. Note that a falling trendline and the 50-day moving average coincide at ₹330, making it a strong barrier.
In case the current decline leads to natural gas slipping below the support at ₹296, the outlook can turn bearish. In this case, the contract can drop to ₹270 and ₹250, notable support levels.
On the other hand, if the contract recovers and breaks out of ₹330, there is a resistance immediately at ₹350. A breach of this can lift the contract to ₹385.
Broadly, natural gas futures continues to stay in a sideways band but it is now showing some bearish bias.
Stay out for now. Short natural gas futures (Jun) if it breaches the support of ₹296. Target and stop-loss can be ₹270 and ₹310 respectively.
Published on June 11, 2025
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