Nat Gas Weak, Resistance Observed In 234-235 Range
CommodityOnline | Jul 28, 2014 04:14AM ET
Resistance is now observed in the range of 234 - 235 levels. Trading consistently above 235 levels would lead towards the strong resistance at 240 levels, and then finally towards the major resistance at 246 levels.
MUMBAI: MCX Natural Gas Aug as seen in the weekly chart above has opened the week at 238.60 levels and open and high levels were the same levels. During this week prices could not able to sustain on the resistance zone of 238 – 240 levels and sharply corrected towards the weekly low level of 227.60 levels. This week prices finally closed 4.67% lower at 228.70 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the week beginning 28 July, we expect Natural Gas prices to find support in the range of 224 - 222 levels. Trading consistently below 222 levels would lead towards the strong support at 218 levels and then finally towards the major support at 214 levels.
Resistance is now observed in the range of 234 - 235 levels. Trading consistently above 235 levels would lead towards the strong resistance at 240 levels, and then finally towards the major resistance at 246 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1 - 222 / $ 3.65 R1 - 235 / $ 3.90
S2 - 218 / $ 3.55 R2 - 240 / $ 4.05
Weekly Recommendation: Sell MCX Natural Gas August between 234 – 235, SL – 240, Target – 224 /220
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.