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Natural Gas In Up Trend, Buying recommended: Angel

ByCommodityOnline
Published 12/09/2013, 03:01 AM
Updated 05/14/2017, 06:45 AM

MCX Natural Gas December as seen in the weekly chart above has opened the week at 246.20 levels initially moved marginally lower and as expected has found good support at 244.10 levels. Later prices rallied sharply breaking both the resistances towards 258.70 levels and finally closed sharply higher from the previous week closing levels, according to a weekly review by Angel Commodities.

For the next week we expect Natural Gas prices to find support in the range of 251 –250 levels. Trading consistently below 249 levels would lead towards the strong support at 242.60 levels and then finally towards the major support at 237 levels.
Natural Gas
Resistance is now observed in the range of 261-262 levels. Trading consistently above 263 levels would lead towards the strong resistance at 268.80 levels, and then finally towards the Major resistance at 274 levels.

MCX / NYMEX Natural Gas Trading levels for the week

Trend: Up
S1- 250.30/ $ 4.074 R1-261.20 / $ 4.250
S2-242.60 / $ 3.948 R2-268.80 / $ 4.375

Weekly Recommendation: Buy MCX Natural Gas December between 251-250, SL-247, Target -261, according to a weekly review by Angel Commodities.

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