Natural Gas is trading at $2.288, 0.09% up since previous close. The slight recovery can be seen in Natural gas after testing almost $2.00 levels on Wednesday amid rising supply concern. The traders are expecting a shortage in gas inventory levels by 60B against the previous fall of 100B which pushed up the prices & may extend the gains if actual comes out as expected. Last week, the U.S EIA report showed a fall of 100B in inventories against expected fall of 97B; how-so-ever failed to lift up the prices. Earlier, the prices traded at multi-year lower levels as Oil showed downward momentum which makes its substitutes weaker. As seen in the chart, the Natural gas is hovering near previous lows; hinting for the breakdown if breached or a strong reversal if sustained the levels.
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Near Day |
R3 | 2.894 |
R2 | 2.581 |
R1 | 2.43 |
Turnaround | 2.268 |
S1 | 2.117 |
S2 | 1.955 |
S3 | 1.642 |
Soybean is trading at $1534.98, 0.06% down since previous close. The profit-booking can be seen in Soybean prices after rallying up to one-year’s high at $1550 levels on Wednesday. Majorly, the changes in climatic conditions which resulted into droughts in Argentina turned unfavorable for bean production & supplies; & hence, pushed up the prices since Argentina is a top producer of Soybeans. The recent USDA report showed same productivity or U.S Soybeans while a slight increase in stocks by 400 thousand tons. As seen in the chart, the Soybean corrected down till short term MA (10) & MA (20) which acts as major support level & hence, the cautious trading may be recommended for the day.
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Near Day |
R3 | 1574.8 |
R2 | 1559.05 |
R1 | 1548.49 |
Turnaround | 1543.23 |
S1 | 1532.9 |
S2 | 1527.47 |
S3 | 1511.68 |
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