Natural Gas prices to find support in the range of 226 - 227 levels. Trading consistently below 226 levels would lead towards the strong support at 220 levels and then finally towards the major support at 213 levels.
MCX Natural Gas December as seen in the weekly chart above has opened the week at 256.20 levels. During this week open and high were same levels. This week prices fell sharply lower towards the weekly low of 226.10 levels, also this is the contract new low and finally closed 8.64% lower at 236.90 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating downside move.
For the next week we expect Natural Gas prices to find support in the range of 226 - 227 levels. Trading consistently below 226 levels would lead towards the strong support at 220 levels and then finally towards the major support at 213 levels.
Resistance is now observed in the range of 244 - 245 levels. Trading consistently above 245 levels would lead towards the strong resistance at 252 levels, and then finally towards the major resistance at 260 levels. MCX / NYMEX Natural Gas Trading levels for the week.
Trend: Sideways
S1 - 226 / $ 3.60 R1 - 245 / $ 3.95
S2 - 220 / $ 3.45 R2 - 252 / $ 4.10
Weekly Recommendation: Neutral