Natural gas ended positive as bargain-buying counterbalanced a temperate weather outlook for the U.S. over the next few weeks.

Prices fluctuated as mild weather pressured the market lower while traders bought contracts to take advantage of the recent price drop.

Prices have slid about 12% over the past three weeks. Natural Gas yesterday we have seen that market has moved 0.95%. Market has opened at 200.4 & made a low of 198.3 versus the day high of 203.8.

The total volume for the day was at 17831 lots and the open interest was at 12987.Now support for the Natural Gas is seen at 199.3 and below could see a test of 196.

Resistance is now likely to be seen at 204.8, a move above could see prices testing 207.

Trading Ideas:

Natural Gas trading range is 196-207.
Natural gas ended positive as bargain-buying counterbalanced a temperate weather outlook
Now resistance is at 204.80 above this a rally till 206-208 can be seen.
Prices have slid about 12% over the past three weeks
BUY NAT.GAS MAR AT 200.70 SL 198.90 TGT 202.20-204.20-206.MCX

Courtesy: Kedia Commodities

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