MCX Natural Gas February as seen in the weekly chart above has opened the week at 299.80 levels initially moved sharply lower and as expected found very good at 285.30 levels. Later prices rallied sharply towards 333.90 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 315 –313 levels. Trading consistently below 305 levels would lead towards the strong support at 295 levels and then finally towards the major support at 266 levels.
Resistance is now observed in the range of 343-345 levels. Trading consistently above 348 levels would lead towards the strong resistance at 363 levels, and then finally towards the Major resistance at 383 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Up
S1- 314.50/ $ 5.050 R1-343.50 / $ 5.540
S2-295.00 / $ 4.710 R2-363.00 / $ 5.875
Weekly Recommendation: Buy MCX Natural Gas February between 315-313, SL-304, Target -343.