MCX Natural Gas April as seen in the weekly chart above has opened the week at 269.10 levels initially, moved sharply lower and as expected found very good at 253.40 levels. Later prices rallied sharply towards 270.60 levels and finally closed marginally lower from the previous week closing levels at 267.10.
For the next week we expect Natural Gas prices to find support in the range of 261.50 –261 levels. Trading consistently below 260 levels would lead towards the strong support at 253 levels and then finally towards the major support at 245.40 levels.
Resistance is now observed in the range of 275.50-276 levels. Trading consistently above 276 levels would lead towards the strong resistance at 283 levels, and then finally towards the major resistance at 296 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1- 260/ $ 4.30 R1-276 / $ 4.60
S2-253.00 / $ 4.15 R2-283.00 / $ 4.75
Weekly Recommendation: Sell MCX Natural Gas April between 275 -276, SL-283, Target -253/250.