7 January 2016

MARKET OUTLOOK OF NATURAL GAS JAN 2016

Natural Gas (Rs./Mmbtu): Momentum above 156.50 will see Natural gas prices bounce higher towards 157.90/160 levels. The counter may not sustain at higher levels between 160—162 zones. Corrective moves from higher levels will see prices correct towards 149.80/146 zones. The counter needs to sustain above 162 for the rally to advance higher towards 167 areas. 
Copper: Copper moved lower once prices broke below its support at 307.50 levels. Sustenance above 304 will trigger an intraday bounce towards 306.50/307 levels. Prices can test its support around 300/299.50 levels. A daily close below 299.50 will push prices lower towards 293.50 levels.


Zinc: Zinc prices can test its support between 98—97.60 zones. Failure to break below 97.60 will trigger a pullback rally in the counter. The intraday view for the counter will stay negative until prices stay below 101. The counter needs to sustain above 101 to bounce towards 102.50/103 areas. A daily close below 97.60 will be negative for counter.