Picture of large LNG (Liquefied natural gas) tanks at LNG regasification terminal, with gas flare stack
| Photo Credit:
Sky_Blue
Natural Gas prices have been coming down gradually over the last few weeks. The Natural Gas Futures contract traded on the Multi Commodity Exchange (MCX) touched a low of ₹240.40 per mmBtu last week and bounced from there. It is currently trading at ₹253 per mmBtu.
Outlook
The price action last week on the weekly chart shows that the pace of fall has slowed down. On the daily chart there is a turn-around is visible.
On the charts, there is a long-term support coming around ₹238. The recent bounce from the low of ₹240.40 made last week is happening from just above this support.
All these indicators signal that there are good chances to see a rise in the coming days. We will come to know a little later on whether this is going to be a corrective rise or a bullish reversal. We will have to wait and watch for that.
Immediate support is around ₹248. Below that ₹238 will be the next important support. MCX Natural Gas contract can rise to ₹263. The price action thereafter will need a close watch.
Failure to breach ₹263 and a reversal thereafter can drag the contract down t o ₹250 and ₹240 again. On the other hand, a strong break above ₹263 can then take the price further higher to ₹275-₹280. Such a rise will give an early indication of a bullish trend reversal.
Trade Strategy
Traders can go long now at ₹253. Accumulate on dips at ₹249. Keep the stop-loss at ₹246. Revise the stop-loss up to ₹255 and ₹258 when the contract goes up to ₹257 and ₹260 respectively. Exit the long positions at ₹262.
Published on April 20, 2026
