Natural Gas July MCX Down 4.8% Eyes on 165/160 Levels

Post:

The Natural Gas July MCX contract is currently trading at 173.50, down Rs 8.70 or 4.8% from previous levels. The price has retraced 62.8% (Fibonacci) and is sustaining below it, indicating a potential bearish trend.

Technical Analysis:

• The contract has broken down below the key level of 170, opening up possibilities of further downside towards 165/160 levels.
• The first resistance is seen at 190, followed by 205.
• Sustenance below 170 levels could lead to more downside in the near term.

Trading Strategy:

• Sell on rises with a stop loss above 170.
• Target prices are 165/160.

Caution:

• Please consult your financial advisor before taking any positions.
• Trading in the commodity markets involves risks and uncertainties.