
MCX Natural Gas January as seen in the weekly chart above has opened the week on its low at 251.90 levels and then moved sharply higher breaking both the resistance levels towards 276.70 levels. Later prices corrected towards 265.50 levels and finally closed higher from the previous week closing levels.
For the next week we expect Natural Gas prices to find support in the range of 261.40 –260 levels. Trading consistently below 259 levels would lead towards the strong support at 253 levels and then finally towards the major support at 240 levels.
Resistance is now observed in the range of 278-280 levels. Trading consistently above 281 levels would lead towards the strong resistance at 289 levels, and then finally towards the Major resistance at 303 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways Up
S1- 261.40/ $ 4.208 R1-278.00 / $ 4.503
S2-253.00 / $ 4.080 R2-289.00 / $ 4.705
Weekly Recommendation: Buy MCX Natural Gas January between 262-260, SL-252, Target -277.