MCX Natural Gas under long liquidation Resistance seen at 140.5
India, Jan. 21 -- Technically Natural Gas market is under long liquidation as market has witnessed drop in open interest by 14. 47% to settled at 27241 while prices down 5 rupees.Now MCX Natural Gas is getting support at 135.1 and below same could see a test of 132.4 levels and resistance is now likely to be seen at 140.5 a move above could see prices testing 143.2.Natural Gas on MCX settled down 3.5% at 137.8 as near record production and weeks of warmer-than-normal weather let utilities to keep more gas in storage erasing concerns about shortages and price spikes this winter. Low gas prices are a boon to consumers who pay less to heat homes and fuel manufacturing facilities but painful for producers cutting costs and reducing drilling act...
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