Natural gas tumbled more than 4%, after government data showed a much smaller draw from gas inventories than the market had expected. Prices sank after a report from the U.S. Energy Information Administration showed a pull from U.S. gas stocks of 11 billion cubic feet for the week ended March 12.

Natural Gas yesterday we have seen that market has moved -4.55%. Market has opened at 194.7 & made a low of 184.6 versus the day high of 195.5.

The total volume for the day was at 36451 lots and the open interest was at 14146.Now support for the Natural Gas is seen at 182.4 and below could see a test of 178.

Resistance is now likely to be seen at 193.3, a move above could see prices testing 199.8.

Trading Ideas:

Natural Gas trading range is 178-199.8.
Natural gas tumbled after data showed a much smaller draw from gas inventories expected
Now resistance is at 189.20 above this a rally till 191-193 can be seen.
EIA showed a pull from U.S. gas stocks of 11 billion cubic feet for the week ended March 12
BUY NAT.GAS APR AT 188 SL 183.20 TGT 190.20-193.80-196.MCX

Courtesy: Kedia Commodities

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