MCX Natural Gas In Down Trend, Resistance 265-260: Angel
CommodityOnline | Mar 31, 2014 05:47AM ET
MCX Natural Gas April as seen in the weekly chart above has opened the week at 273.90 levels and made a high of 275.50 levels. As expected prices corrected 0.81% lower from the resistance levels. During this period price has made a low of 269 levels, bounced back from these levels and finally closed at 270.50 levels.
For the next week we expect Natural Gas prices to find support in the range of 265 - 260 levels. Trading consistently below 260 levels would lead towards the strong support at 250 levels.
Resistance is now observed in the range of 280 - 285 levels. Trading consistently above 285 levels would lead towards the strong resistance at 295 levels, and then finally towards the Major resistance at 305 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1 - 260 / $ 4.40 R1 - 280 / $ 4.70
S2 - 250 / $ 4.00 R2 - 295 / $ 5.00
Weekly Recommendation: Sell MCX Natural Gas April between 280 - 285, SL - 295, Target – 265 / 260.
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