Natural gas down with break out of 255
Tuesday, 12 January 2010
AHMEDABAD, Jan 11 (Commodity Online): Natural gas moved down 3.24 per cent with the breakout level of 255.
Natural gas opened at 260.8 and made a low of 252 and day's high of 260.8. Total volumes for the day are 5500 lots and open interest is around 10430 supports for Natural Gas can be seen at 250 and 247. Resistance level is at 260 and 265.
Natural gas prices have been declining from 279.4 to 254 since the past 4 days because of forecasts of moderating temperatures in the US Midwest and Northeast later this month.
RSI for Natural gas is at 45 and it is decreasing continuously since last 5 days due to selling pressure.
"Technically, one can short Natural gas at 258 with a stop loss of 261 for target of 254," said Hardik Shah, Research Analyst with Commodity Online.
Natural gas opened at 260.8 and made a low of 252 and day's high of 260.8. Total volumes for the day are 5500 lots and open interest is around 10430 supports for Natural Gas can be seen at 250 and 247. Resistance level is at 260 and 265.
Natural gas prices have been declining from 279.4 to 254 since the past 4 days because of forecasts of moderating temperatures in the US Midwest and Northeast later this month.
RSI for Natural gas is at 45 and it is decreasing continuously since last 5 days due to selling pressure.
"Technically, one can short Natural gas at 258 with a stop loss of 261 for target of 254," said Hardik Shah, Research Analyst with Commodity Online.