Natural gas settled slightly lower on profit booking but prices rose earlier lifted by forecasts for hot weather and a busy hurricane season. Meteorologists are also expecting an active hurricane season, which has the potential to disrupt supplies from the U.S. Gulf of Mexico, a region that accounts for about 11% of domestic output. Natural Gas yesterday we have seen that market has moved -0.26%. Market has opened at 229.2 & made a low of 220.6 versus the day high of 231.6. The total volume for the day was at 31781 lots and the open interest was at 5191.Now support for the Natural Gas is seen at 222.6 and below could see a test of 216.1. Resistance is now likely to be seen at 233.6, a move above could see prices testing 238.1.

Trading Ideas:

Natural Gas trading range is 216.1-238.1.

Natural gas settled slightly lower on profit booking

Natural gas is taking support at 227.60 below this looks till 225-223 level

Meteorologists are expecting an active hurricane season, which has potential to disrupt supplies

BUY NAT GAS ABV 231.20 SL 227.20 TGT 234.20-237.50-240.MCX