MCX Natural Gas Price Volatility Continues as Trading Range Expands
Natural Gas Futures on MCX have seen a sharp rise in prices over the past week. The contract surged to ₹318.50 per mmBtu last Thursday, but has since come down to its current price of ₹301 per mmBtu.
This increase has pushed the Natural Gas Futures contract above the key resistance level of ₹284, but it was unable to sustain this rise and pulled back from the high of ₹318.50. The momentum appears to have faded as a result.
The trading range for MCX Natural Gas is now estimated to be between ₹285-₹320, with the price currently sitting at the mid-point of this range.
This leaves the immediate outlook unclear, as there are equal chances for the price to move in either direction. A breakout above ₹320 could take the contract higher to ₹327, while a break below ₹285 could drag the price down to ₹273.