MCX Natural Gas March as seen in the weekly chart above has opened the week at 289.20 levels and made high 294.90 levels. As expected prices corrected sharply from the resistance level and fell sharply 1.67% towards 276.70 levels but did not able to breach the previous week’s low of 276.50 levels and finally prices closed at 283.30 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 / $ 4.40 R1 - 295 / $ 4.800
S2 - 260 / $ 4.10 R2 - 305 / $ 5.05
Weekly Recommendation: Sell MCX Natural Gas March between 290 - 295, SL- 305, Target – 270 / 260.