Natural gas ended lower on expectations for mild weather that could stifle natural gas heating demand. The number of rigs drilling for natural gas rose to 893 last week, according to data from oilfield services provider Baker Hughes Inc. (BHI). While the rig count is still down significantly from its September 2008 peak of 1,606 rigs. Natural Gas yesterday we have seen that market has moved -0.4%. Market has opened at 228.1 & made a low of 224.2 versus the day high of 229. The total volume for the day was at 12105 lots and the open interest was at 7451. Now support for the Natural Gas is seen at 223.8 and below could see a test of 221.6. Resistance is now likely to be seen at 228.6, a move above could see prices testing 231.2.

Trading Ideas:

Natural Gas trading range is 221.6-231.2.

Natural gas ended lower on expectations for mild weather that could stifle heating demand

Now resistance is at 228.60 above this a rally till 231-233 can be seen.

The number of rigs drilling for natural gas rose to 893 last week

SELL NAT. GAS MAR BELOW 225 SL 228.20 TGT 223.80-221.60-219.60. MCX