Natural gas settled slightly higher, reversing losses as concerns about financial market upheaval amid Dubai's debt crisis ebbed and traders looked ahead to cold weather forecasts.
Forecasts of colder-than-normal temperatures in the major gas-consuming regions were providing support for gas prices. Natural Gas yesterday we have seen that market has moved 0.37%. Market has opened at 242 & made a low of 227.8 versus the day high of 246.5.
The total volume for the day was at 61719 lots and the open interest was at 6859.Now support for the Natural Gas is seen at 231.80 and below could see a test of 220.40. Resistance is now likely to be seen at 250.50, a move above could see prices testing 257.80.
Trading Ideas:
NATURAL GAS TRADING RANGE IS 230-255.
NATURAL GAS SETTLED HIGHER REVERSING LOSSES AS CONCERNS ABOUT FINANCIAL MARKET UPHEAVAL
BUY NAT GAS DEC ON DIP AT 238 SL 234 TGT 242-246.50-250.
NOW RES IS AT 245.80 ABV THIS A RALLY TILL 248-250 CAN BE SEEN.
FORECASTS OF COLDER-THAN-NORMAL TEMPERATURES IN WERE PROVIDING SUPPORT FOR GAS PRICES
Courtesy: Kedia Commodities Explore Commodity Online Mobile Services
