MCX Natural Gas January as seen in the weekly chart above has opened the week at 274.30 levels initially moved higher, and as expected found resistance at 277.90 Later prices fell sharply towards 261.40 levels and finally closed almost Unchanged from the previous week closing levels.
For the next week we expect Natural Gas prices to find support in the range of 262 –261 levels. Trading consistently below 260 levels would lead towards the strong support at 254 levels and then finally towards the major support at 246 levels.
Resistance is now observed in the range of 276-278 levels. Trading consistently above 279 levels would lead towards the strong resistance at 287 levels, and then finally towards the Major resistance at 292 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways
S1- 261.50/ $ 4.180 R1-277.50 / $ 4.340
S2-254.00 / $ 4.060 R2-283.00 / $ 4.445
Weekly Recommendation: Sell MCX Natural Gas January between 275-276, SL-281.10, Target -262.