MCX Natural Gas February as seen in the weekly chart above has opened with the open = low formation at 325.90 and during this period prices rallied sharply higher breaking the resistance of 360 levels and made a high of 395.50. Finally prices 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 360 –355 levels. Trading consistently below 355 levels would lead towards the strong support at 325 levels and then finally towards the major support at 300 levels.
Resistance is now observed in the range of 395 - 400 levels. Trading consistently above 400 levels would lead towards the strong resistance at 440 levels, and then finally towards the Major resistance at 480 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways Up
S1- 355 / $ 5.650 R1-400 / $ 6.500
S2-325 / $ 5.000 R2-440 / $ 7.120
Weekly Recommendation: Buy MCX Natural Gas February between 355 - 360, SL- 325, Target – 400 / 410.