MCX Natural Gas March futures took a breather on Friday. The energy futures tested a high at Rs 171, before losing with a gain of 0.5 per cent at Rs 170 following NYMEX Natural Gas futures.
On the daily charts, the Natural Gas prices are slightly below the 20-DMA (Rs 172). Hence, the commodity is likely to trade with a bearish bias as long as the prices trade below Rs 172-odd level.
In case, if MCX Natural Gas contracts slip in the near-term, one can expect prices to seek support around Rs 158-odd level - which is the lower-end of the Bollinger Band on the daily charts.
The energy futures needs to bounce back and sustain above the 20-DMA (Daily Moving Average) for a likely pull-back rally on the daily charts.
MCX Copper April expiry contract closed marginally lower on Friday.
It is interesting to witness the moves in Copper on Saturday, as markets are opened due to union budget.
The metal has surpassed the psychological resistance of Rs 360 per kg and Rs 365 a day.
Copper ended the day at Rs 370 per kg on 27 Feb 2015 against 371.60 per kg on 24 Feb 2015.
The MCX Crude Oil March futures bucked the global trend and declined for the second consecutive day. Yesterday, the energy contracts touched a low at Rs 3,016, before closing with a loss of nearly a per cent (Rs 21) at Rs 3,034. The NYMEX Crude Oil April on Friday surged over 2.6 per cent to $ 49.44.
On the daily charts, the Natural Gas prices are slightly below the 20-DMA (Rs 172). Hence, the commodity is likely to trade with a bearish bias as long as the prices trade below Rs 172-odd level.
In case, if MCX Natural Gas contracts slip in the near-term, one can expect prices to seek support around Rs 158-odd level - which is the lower-end of the Bollinger Band on the daily charts.
The energy futures needs to bounce back and sustain above the 20-DMA (Daily Moving Average) for a likely pull-back rally on the daily charts.
MCX Copper April expiry contract closed marginally lower on Friday.
It is interesting to witness the moves in Copper on Saturday, as markets are opened due to union budget.
The metal has surpassed the psychological resistance of Rs 360 per kg and Rs 365 a day.
Copper ended the day at Rs 370 per kg on 27 Feb 2015 against 371.60 per kg on 24 Feb 2015.
The MCX Crude Oil March futures bucked the global trend and declined for the second consecutive day. Yesterday, the energy contracts touched a low at Rs 3,016, before closing with a loss of nearly a per cent (Rs 21) at Rs 3,034. The NYMEX Crude Oil April on Friday surged over 2.6 per cent to $ 49.44.
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MCX Natural gas futures dropped more than a percent today following negative global cues. epicresearch.co
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