Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Natural Gas Witness Sideways, Resistance At 259-260 Levels

Published 11/17/2014, 05:11 AM
Updated 05/14/2017, 06:45 AM

Resistance is now observed in the range of 259 - 260 levels. Trading consistently above 260 levels would lead towards the strong resistance at 268 levels, and then finally towards the major resistance at 276 levels.



MCX Natural Gas November as seen in the weekly chart above has opened the week at 276.20 levels and during this week prices made a high of 279.30 levels. This week prices could not sustain higher levels and fell sharply lower towards the weekly low of 243.40 levels. Prices finally closed 9.26% lower at 249.00 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 242 - 240 levels. Trading consistently below 240 levels would lead towards the strong support at 233 levels and then finally towards the major support at 225 levels.

Resistance is now observed in the range of 259 - 260 levels. Trading consistently above 260 levels would lead towards the strong resistance at 268 levels, and then finally towards the major resistance at 276 levels.

MCX / NYMEX Natural Gas Trading levels for the week

Trend: Sideways

S1 - 240 / $ 3.90 R1 - 260 / $ 4.25
S2 - 233 / $ 3.80 R2 - 268 / $ 4.40

Weekly Recommendation: Neutral

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.