AHMEDABAD (Commodity Online): Natural Gas futures at MCX open positive in today's session as forecasts showed colder weather moving across the US, signaling increased demand for the heating fuel.
Temperatures may be below normal over central and western states in the next two weeks, according to the National Weather Service. Private forecasts predict a brief cold spell followed by mild temperatures in mid-February east of the Rocky Mountains.
In today's session Natural Gas February contract currently trading at Rs 126.10, up by 1.37 percent by 16:04 IST. It touched an intra-day high of Rs 128.
Natural Gas February contract today traded above crucial Resistance of Rs 127 but not sustain on it till the trading. Technically if Natural Gas February closed above Rs 127 then we can see 138-142 levels in coming sessions. However cool weather outlook also support to trade positive Natural Gas for coming sessions, says Ankush Kumar Jain, Analyst with Commodity Online.
For an intra-day traders advised to buy February contract around Rs 125 with stop loss of Rs 122 for target Rs 128 and 131, added Jain.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
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