Resistance is now observed in the range of 238 - 240 levels. Trading consistently above 240 levels would lead towards the strong resistance at 247 levels, and then finally towards the major resistance at 256 levels.
MCX Natural Gas Aug as seen in the weekly chart above has opened the week at 228.60 levels and made a low of 226.10 levels. During this week prices moved sharply higher towards 238 levels but not able to hold on higher levels and finally closed 2.27% higher at 233.90 levels.
For the next week we expect Natural Gas prices to find support in the range of 230 - 229 levels. Trading consistently below 229 levels would lead towards the strong support at 225 levels and then finally towards the major support at 218 levels.
Resistance is now observed in the range of 238 - 240 levels. Trading consistently above 240 levels would lead towards the strong resistance at 247 levels, and then finally towards the major resistance at 256 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways Down
S1 - 229 / $ 3.70 R1 - 240 / $ 3.90
S2 - 225 / $ 3.60 R2 - 247 / $ 4.05
Weekly Recommendation: Sell MCX Natural Gas Aug between 238 – 240, SL – 247, Target – 229 / 225