Natural Gas Futures Slip Amid Weak Outlook

Natural gas futures gained 3% last week but couldn't surpass ₹270. The August contract is now on a weak foot, having slipped after facing resistance at this level. The price action suggests a clear bearish bias, with a good chance of breaching the nearby support at ₹250 and extending the decline to ₹238.

If natural gas futures recover from the current level, they will face a barrier at ₹270. Until this level holds, the outlook remains weak. A decisive breakout above ₹270 is needed for the contract to rise to ₹285, its 50-day moving average, with another resistance at ₹290.