MCX Natural Gas December as seen in the weekly chart above has opened the week at 241.30 levels initially moved lower, but has found very strong support at 238.30 levels. Later prices rallied sharply towards 248 levels and finally closed sharply higher from the previous week closing levels.
For the next week we expect Natural Gas prices to find support in the range of 244 –243 levels. Trading consistently below 242 levels would lead towards the strong support at 239 levels and then finally towards the major support at 234 levels.
Resistance is now observed in the range of 250-251 levels. Trading consistently above 252 levels would lead towards the strong resistance at 254 levels, and then finally towards the Major resistance at 258 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Up
S1- 244.50/ $ 3.900 R1-250.50 / $ 4.015
S2-239.00 / $ 3.840 R2-254.00 / $ 4.076
Weekly Recommendation: Buy MCX Natural Gas December between 245-243, SL-239, Target -254.