Natural gas futures on India’s Multi Commodity Exchange (MCX) have reversed a two-week downtrend, posting a sharp rally that suggests a short-term uptrend is resuming.
The contract, which had previously fallen to a low of ₹286.20, is now consolidating at higher levels, signaling a shift in near-term market sentiment.
Technical analysts point to the formation of a higher base as a key indicator of renewed buying interest.
After gaining 20 per cent in May, the contract had traded sideways before the recent breakout.
The reversal from the ₹286.20 low indicates that sellers are losing control, with buyers stepping in to defend key support zones.
Traders are advised to consider long positions in July natural gas futures at ₹310, with a stop-loss placed at ₹300 and profit targets set at ₹326, according to technical analysis from Hindu Businessline.