Thursday, February 18, 2021 TIME 2:28 PM IST
MCX NATURAL GAS SHORT TERM VIEW
MCX natural gas February rose to a high of Rs.239.80 as I prepare this report. Extreme cold snap in USA and Europe is the reason for the rise. I have been writing for the past few years that global natural prices are most under-valued among all metals and energies (after silver). I am maintaining my long term bullish view on Ng. However in the short term, Ng will be vulnerable to sharp corrections. MCX Natural gas spreads/badla also tell us that short term sharp pullbacks are possible.
Natural Gas 26th March 2021: (previous day close/CM Rs.221.80)
Support: 132.50, 176.10, 192.30 and 203.60 Resistances: 237.40, 251.30, 268.20, 276.80 and 335.40
View: (i) There is big long term resistance between 264 and 276.80. (ii) Only a break of this zone will result in a rise to 335.40. (iii) Natural gas will crash only if it does not break 276.80 by end June to lasty years low of 110.50.
Till March future close on 26th March, MCX natural gas has to trade over 199-203 zone to rise to 276.80. Ng will move into a short term bearish zone only if it trades below 203 for five consecutive days.
Ng is not for the low risk trader. Global weather will play a key role till next month. Price trend can change in MCX natural gas any hour.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani. Customer Care: 9311139549
Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.
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