MCX Natural Gas March as seen in the weekly chart above has opened the week at 309.40 levels and during this period prices rallied sharply higher towards 325.20 levels but could not able to sustained on this levels. Later prices fell sharply towards 276.50 levels and finally prices closed 6.10% down at 288.10 levels.
For the next week we expect Natural Gas prices to find support in the range of 275 – 270 levels. Trading consistently below 270 levels would lead towards the strong support at 250 levels.
Resistance is now observed in the range of 300 - 305 levels. Trading consistently above 305 levels would lead towards the strong resistance at 325 levels, and then finally towards the Major resistance at 360 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways Down
S1 - 270 / $ 4.320 R1 - 300 / $ 4.800
S2 - 260 / $ 4.160 R2 - 325 / $ 5.300
Weekly Recommendation: Sell MCX Natural Gas March between 305 - 305, SL- 325, Target – 270 / 260.