Natural Gas View - Buy on Dips

Short term trend in Natural Gas has turned positive and we are maintaining a buy on dips in Natural Gas. We are expecting a target of 170,178,180 in July contract till expiry. Stop-Loss will be now 158. 

The  July contract of Natural Gas is currently trading at 165 this time on MCX and 2.393 on NYMEX. A small retracement and consolidation are expected today again after the sharp rise of more than 5% on last weekend (Friday). On Monday, Natural gas traded on the downside in the consolidation zone. If the price comes near 161-160 then a buy position can be created with short term view for this expiry. Today moves in Natural Gas is affected by USD/INR, since equity market fell down more than 2% on Monday and today again it's trading in the red zone, so our currency has started weakening and supporting MCX Natural Gas price, while NYMEX price is trading negative. My previous prediction in Natural Gas with buying recommended near 157 with SL 150 and target for July contract was 180, made a high of 168.30 from there it is now in the consolidation zone. If inventory data comes positive the price may surge and cross 170 level soon on MCX.

Disclaimer: This is my personal opinion based on my own analysis and not trading advice, please research yourself or take expert advice before taking any position. We will not responsible for any loss in any manner.