As per MCX www.crudeoperator.com intraday research Mumbai base company report for : positive spell on the price charts of natural gas has broken last month, where prices witnessed severe fall of nearly 14 percent. Prices advanced initially to monthly average but were not able to sustain there and finally gave up as month progressed. Moving ahead, prices are likely to find strong
support at Rs.212/mmbtu but would face heat on higher levels and find hurdle near Rs.230/mmbtu
initially and further at Rs.240/mmbtu mark as major hurdle. On the trend side, if prices breach the
above mentioned support mark, they may test Rs.200-194/mmbtu price band as next resting point for
the coming month. Momentum indicator MACD is favoring bearish bets and considering the price
behavior, rallies could be used to initiate short trades.