MCX Natural Gas Report: 29th November 2019

Insignia Consultants

New Delhi

Friday, 29 November 2019

TIME 9:55 AM IST                         

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MCX NATURAL GAS REPORT

Current price Rs.177.90 (MCX Natural Gas December)

MCX Natural gas futures has fallen in the last one week. It’s time to relook at the price trend and key factors.

Bearish case: Short term bearish trend will be there only if NG trades below 100 day moving average of 170.50 to 161.70 and 150.50.

Bullish case: (a) 100 day moving average is at 170.50. (b) 200 day moving average is at 175.20. (c) MCX Natural gas needs to trade over 170.50-175.20 zone to be in long term bullish zone and rise to 191and 211.

OurView/Trading strategy: MCX spreads between December-January and December February suggest that there can be some more price fall and then a rise. Polar Ice bomb in USA and UK is the only optimistic demand side reason for a bullish price projection.  With every sharp fall, the risk to return nation moves in favor of the buyer. Disappointing pace of rise has prevented short term hot money in natural gas futures. Under the worst case scenario, if NG crashes, I do not foresee prices falling below 147 in December/January futures.

 

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

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