Published on 2010-02-03 13:16:29
Natural gas ended higher on forecasts for cold temperatures that are expected to drive more demand for the fuel. Cold weather, and the resulting increase in heating demand, can help draw down robust natural gas stockpiles.
Natural gas in U.S. storage for the week ended Jan. 22 stood at 2.521 trillion cubic feet. Natural Gas yesterday we have seen that market has moved 1.16%. Market has opened at 251.6 & made a low of 249.2 versus the day high of 255.8.
The total volume for the day was at 29892 lots and the open interest was at 5628.Now support for the Natural Gas is seen at 249.80 and below could see a test of 246.20.
Resistance is now likely to be seen at 256.40, a move above could see prices testing 259.40.
Trading Ideas:
Natural gas trading range is 240-265.
Natural gas ended higher on forecasts for cold temperatures that are expected to drive more demand
Now resistance is at 255.80 above this a rally till 257-259 can be seen.
Cold weather and the resulting increase in heating demand, can help draw down robust gas stockpiles
BUY NAT. GAS FEB AT 250-251 SL 247 TGT 253.80-256.50-258.MCX
Courtesy: Kedia Commodities
Review: http://www.commodityonline.com/futures-trading/tradingtips/Natural-Gas-gains-due-to-cold-weather-7059.html
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