MCX Natural Gas February as seen in the weekly chart above has opened the week at 262.70 levels initially moved lower but has found very good support at 259.60 levels. Later prices rallied sharply breaking both the resistance levels and even broke the 5 year high at 303.80 towards 308.70 levels and finally closed sharply higher from the previous week closing levels.
For the next week we expect Natural Gas prices to find support in the range of 293 –291 levels. Trading consistently below 285 levels would lead towards the strong support at 275 levels and then finally towards the major support at 243 levels.
Resistance is now observed in the range of 323-326 levels. Trading consistently above 328 levels would lead towards the strong resistance at 341 levels, and then finally towards the Major resistance at 383 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways Up
S1- 292.00/ $ 4.722 R1-324.40 / $ 5.300
S2-275.00 / $ 4.398 R2-341.00 / $ 5.625
Weekly Recommendation: Buy MCX Natural Gas February between 293-291, SL-273, Target -324.
OR
Sell MCX Natural Gas February between 324-326, SL-345, Target -293