Natural gas futures on India’s Multi Commodity Exchange (MCX) have stalled, with technical analysts advising traders to stay on the sidelines until a clear directional breakout occurs.
The contract is currently trading within a defined range between ₹295 and ₹320, lacking the momentum needed to sustain the recent upward move.
This consolidation follows a sharp rally that reversed a two-week downtrend, during which prices had previously fallen to a low of ₹286.20.
The recent uptick suggested a short-term recovery was underway, but prices have since struggled to rise strongly, indicating indecision among market participants.
The lack of directional clarity comes amid broader uncertainty in the energy sector.
While the technical setup had pointed toward a resuming uptrend, the failure to break above the ₹320 resistance level has cooled sentiment.