Natural Gas once agains showed massive volatility as prices moved up by more than 19 % from its opening levels of Rs. 302 per mmbtu on MCX in a single week to touch a high of Rs. 359.40 per mmbtu, while it ended the week marginally up on MCX. Daily technicals showed RSI remaining at highly overbought levels during the first half of the week while massive cor-rections seen during the latter half brought it down to below 55 levels on MCX.
Going ahead for next week prices are expected to trade volatile with an upside bias as strong fundamentals persisting in the counter may support the counter. Overall Rs. 294-282 per mmbtu levels could be seen as good supports to accumulate fresh positions while on the upside prices may continue to test resistance at Rs. 322-338 per mmbtu on MCX.
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Nat-Gas Likely To Upside, Resistance At 322-338/MMBT
Published 02/11/2014, 05:55 AM
Updated 05/14/2017, 06:45 AM
Nat-Gas Likely To Upside, Resistance At 322-338/MMBT
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