Trading Strategies: Natural Gas slid on Tuesday but prices are still expected to remain elevated. We continue to see a general lack of heat in the pattern compared to what was expected previously, with the 15-day period, along with July as a whole, looking to come in cooler than the five- and 10-year normal.
Summer cooling demand is expected to generally hold strong through this month and next. With demand strong from both Asia and Europe, US. LNG exports to fuel cooling needs abroad are expected to rebound as soon as this week. The latest injection puts total natural gas stocks at 2,574 billion cubic feet (Bcf), which is (17.6% below the 2020 level at this time and 6.9% lower than the five-year average. In MCX Rs 268 is the support while 282 is the resistance.
Recommendation: Sell MCX Natural Gas Aug future below 268 | TGT: 250 | Stoploss: 285
Natural gas Aug Future is unable to break 282 levels. That has proved to be a strong resistance and now prices are consolidating at higher range. There are no reversal patterns on chart and support comes around 268. We believe any breakdown or reversal will come below its support area and so we recommend going short below 268 for expected down-move of 250 and stoploss of 285 closing basis.
Copper is trading sideways and on daily scale there are many narrow bodies candlestick suggesting both buyers and sellers getting exhausted. Above 740, there might be resurgence from buyers to take out the resistance and push prices higher. We are recommending to go long above 740 as currently copper is trading in narrow range and trend is neutral. So buy above 740 with expected target of 770 and stoploss of 720 closing basis.
Recommendation: Buy Copper July above 740 | TGT: 770 | Stoploss: 720
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