Natural gas futures have demonstrated a predominantly sideways trading pattern

Natural gas futures for the April contract on the Multi Commodity Exchange (MCX) have exhibited a predominantly sideways movement over the preceding month.

During this period, the price action has been confined within a defined range, with key boundaries identified at ₹142 and ₹158. Notably, the 50-day moving average stands at ₹160, signifying a notable resistance zone within the price range of ₹158 to ₹160.

This delineated resistance level underscores a significant barrier that the natural gas futures market has encountered, potentially influencing traders’ decisions and market dynamics.