Natural gas faces hurdle at Rs 195; can rally up to 33% thereafter

In case, the MCX Natural Gas futures manages to conquer the Rs 195 hurdle, a sharp rally towards Rs 260 - 300 seems likely.

Rex Cano Mumbai
Photo: Bloomberg
Web Exclusive Premium

Photo: Bloomberg

Listen to This Article

As expected the MCX Crude Oil futures retraced after testing resistance around its 200-DMA. However, the road ahead of is likely to get complicated as the key moving averages are seen converging on the daily charts. 
Meanwhile, the Natural Gas futures are still awaiting a meaningful pullback rally following the sharp 80 per cent fall. For now, the Rs 195-level which is the 50-DMA remains a major hurdle for the commodity.
Here's what the charts suggest for MCX Crude Oil and Natural Gas futures:

Also Read

Key support for MCX Crude Oil near Rs 6,200; Natural Gas may consolidate

Strong support for MCX Crude Oil seen at Rs 6,850, Natural Gas at Rs 475

Near support for MCX Crude Oil seen at Rs 6,030; Natural Gas to test Rs 285

MCX Crude oil may find support at Rs 6,400; Natural Gas could test Rs 227

Range-bound MCX Crude Oil may test Rs 6,100; Natural Gas in oversold zone

Stocks to Watch: Tata Motors, HCL Tech, Ultratech, NBCC, Mastek, Tata Comm

Stock Market LIVE: Sensex off highs, up 100 pts; Mastek leaps 8%, Paytm 3%

Can the rally in Nifty Realty index sustain? Here's what charts suggest

Stake sale, easing competitive pressures key for ICICI Lombard

MFs book profits in PSU banks, sell stocks worth Rs 1,800 cr in Q4

First Published: Apr 20 2023 | 8:59 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to