Natural Gas Futures Consolidate After Strong Weekly Gain

Natural gas futures have seen a 4.3% gain last week but started the current week on a weak note.

The September futures broke out of resistance at ₹276, hitting a five-week high of ₹286 on August 27, but then moderated and is currently trading around ₹273.

If the price falls below ₹270, it can extend the decline to ₹257, with a support band between ₹257-260. A breach of this level could start another downtrend, potentially taking prices down to ₹238.

However, if natural gas futures recover, they will face resistance at ₹286, which could lead to another upswing and possibly push the contract to ₹300 with resistance above ₹300 at ₹320.