Natural gas futures on India’s Multi Commodity Exchange (MCX) have entered a steep downtrend, shedding 12% over the past week.
The contract, which had previously stalled and shown signs of a short-term rally, has now broken decisively lower, touching a high of ₹320.70 per mmBtu on Wednesday before reversing course.
The sharp decline marks a significant shift from earlier indecision, where traders were advised to stay on the sidelines pending a clear directional breakout.
The renewed selling pressure has prompted technical analysts to adopt a bearish stance.
According to research from The Hindu Businessline, the momentum suggests further downside, with potential support levels near ₹250 per mmBtu.
The report advises traders to consider short positions, emphasizing the need for strategic stop-losses to manage risk in the volatile session.