The adjacent chart shows the price movement of MCX Natural Gas continuous contract. It has been in a downtrend and has corrected significantly from the high of 264. However, it is now trading near the support zone of 165-169. It is at the lower end of the Bollinger Band and the RSI indicator is in the oversold zone. If it manages to defend the support zone, some rebound is possible in the near term. However, the momentum is with the bears and if MCX Natural Gas closes below 165, then it is likely to drift lower towards 158. Therefore, the traders must keep a close eye on MCX Natural Gas since it is trading at crucial support levels.
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