MCX Natural Gas December as seen in the weekly chart above has opened the week at 235.70 levels initially moved sharply lower, but has found very strong support at 227.10 levels. Later prices rallied sharply towards 241.80 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 237 –236 levels. Trading consistently below 235 levels would lead towards the strong support at 231 levels and then finally towards the major support at 222 levels.
Resistance is now observed in the range of 246-247 levels. Trading consistently above 248 levels would lead towards the strong resistance at 251 levels, and then finally towards the Major resistance at 256 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Up
S1- 231.70/ $ 3.746 R1-242.50 / $ 3.896
S2-226.00 / $ 3.666 R2-247.00 / $ 3.976
Weekly Recommendation: Buy MCX Natural Gas December between 237-236, SL-230, Target -247/250.