
MCX Natural Gas January as seen in the weekly chart above has opened the week at 273.40 levels initially moved higher, and as expected found resistance at 276.80 levels. Later prices fell sharply breaking both the support levels towards 245.40 levels and finally closed lower from the previous week closing levels.
For the next week we expect Natural Gas prices to find support in the range of 239 –237 levels. Trading consistently below 235 levels would lead towards the strong support at 226 levels and then finally towards the major support at 213 levels.
Resistance is now observed in the range of 258-260 levels. Trading consistently above 262 levels would lead towards the strong resistance at 270 levels, and then finally towards the Major resistance at 289 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1- 239.00/ $ 3.877 R1-259.00 / $ 4.154
S2-226.00 / $ 3.677 R2-270.00 / $ 4.354
Weekly Recommendation: Sell MCX Natural Gas January between 257-259, SL-268.10, Target -240.