MCX Natural Gas October as seen in the weekly chart below has opened the week at 227.80 levels initially moved higher, but found very good resistance at 230.50 levels.
Later prices fell sharply breaking both the supports towards 215.70 levels and finally closed sharply lower from the previous week closing levels.
For the week we expect Natural Gas prices to find support in the range of 211 –210 levels. Trading consistently below 209 levels would lead towards the strong support at 205 levels and then finally towards the major support at 199 levels.
Resistance is now observed in the range of 221-222 levels. Trading consistently above 223 levels would lead towards the strong resistance at 227 levels, and then finally towards the Major resistance at 236 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1- 211.10/ $ 3.443 R1-221.50 / $ 3.548
S2-205.40 / $ 3.377 R2-226.50 / $ 3.615
Weekly Recommendation: Sell MCX Natural Gas October between 220-222, SL-227, Target -212.
Source: Angel Commodities