MCX Natural Gas October as seen in the weekly chart above has opened the week on its low at 217.30 levels and then moved sharply higher breaking both the resistances, but finally found very good resistance at 233.80 levels.
Later prices corrected towards 228.30 levels and finally closed sharply higher from the previous week closing levels. For this week we expect Natural Gas prices to find support in the range of 227 –225 levels. Trading consistently below 224 levels would lead towards the strong support at 220 levels and then finally towards the major support at 211 levels.
Resistance is now observed in the range of 237-238 levels. Trading consistently above 239 levels would lead towards the strong resistance at 244 levels, and then finally towards the Major resistance at 248 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Up
S1- 227.00/ $ 3.700 R1-237.40 / $ 3.880
S2-220.00 / $ 3.605 R2-244.00 / $ 3.975
Weekly Recommendation: Buy MCX Natural Gas October between 227-225, SL-222, Target -236.