Report of MCX Natural Gas – Futures
Natural gas futures immediately can’t grab a break. Most of commodity markets are trending higher but natural gas prices continue to fall into bloodbath. I said you in my report on 7th October 2010. “Only and only with any luck we could get an up rally in natural gas. There is no reason to buy it.” I alerted you and said big blizzard is started in market with Natural gas.
Do you know? Supplies of natural gas continue to rise plus the Energy Department predicts they will be at the second highest level ever to start the heating season. Natural gas futures closed at $3.333 on Friday, down 0.035. Prices bottomed last September around $2.63, so there could be some value below the $3 level. We can’t able to decide bottom of natural gas. Don’t do overbought trade with NG but don’t think, Close your eyes and continue to short it. There is no bottom level.
Now you have license to print money.
My new targets for Natural gas are 135 – 126.
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