Today Tips For Natural Gas Updates
Max Commodity has come out with report on Natural Gas. According to our research firm, it is expected to test the key daily moving averages, ie 170.
Today MCX natural gas is moving up in a channelized manner. It had began a shift on the benefit from the reduced route line. However, in the last period it has damaged a increasing trend line. The everyday strength signal that was displaying a bad divergence has activated a bearish cross-over. Thus, the gas is in for a short-term correction. Unless the high of 192.4 is crossed, it is expected to test the key daily moving averages, ie 170.
Natural Gas: Currently, natural gas rate are holding $3.4/MMBTU, up by more than 0.41 percent in Globex electronic platform. California Governor Jerry Brown told condition authorities to instantly allow oil refineries to make an beginning conversion to winter-blend fuel to help carry history costs at the push under management.
However, winter weather combination preferably never comes to the market before Oct end. Thus, changing of gas may cause to think about on gas costs during the day. On the other side, issue of light climate prediction may cause to reduced intake in southern area and eventually think about on gas costs. As per Nationwide Storm Center, there is no significant cyclone near to Beach area which is also reducing provide trouble. Overall, pattern for the whole is likely to stay on disadvantage.
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EIA Inventories Data: US Energy Information Administration (EIA) released its weekly inventories yesterday and US natural gas inventory has increased less than expected by 72 billion cubic feet (bcf) which stood at 3.725 trillion cubic feet for the week ending on 5th October 2012.
MCX Natural Gas updates in Nov contract is looking positive for the day. Market may find support near 183 & 180 intraday resistance can be seen near 187 & 189 Day traders are advised to buy intraday on dips. (Buy around 183 with SL 180 for the target of 187 & 189.)