Natural gas continued to drift lower amid high production levels and balmy temperatures in the eastern U.S. Inventories have remained ample despite large withdrawals from storage during the winter heating season.

Natural Gas yesterday we have seen that market has moved -1.46%. Market has opened at 198.5 & made a low of 195 versus the day high of 199. The total volume for the day was at 13095 lots and the open interest was at 13808.

Now support for the Natural Gas is seen at 194.1 and below could see a test of 192.5. Resistance is now likely to be seen at 198.1, a move above could see prices testing 200.5.

Trading Ideas:

Natural Gas trading range is 192.5-200.5.
Natural gas continued to drift lower amid high production levels and balmy temperatures
Now resistance is at 197.80 above this a rally till 200-202 can be seen.
Today natural gas storage: Exp: -37B Prev: -111B
SELL NAT.GAS MAR AT 196 SL 198.20 TGT 195-193.80-192.MCX

Courtesy: Kedia Commodities

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