Natural Gas Aug In Sideways Trend, Sell Recommendation
CommodityOnline | Aug 18, 2014 05:54AM ET
Resistance is now observed in the range of 246 - 248 levels. Trading consistently above 250 levels would lead towards the strong resistance at 256 levels, and then finally towards the major resistance at 263 levels.
MCX Natural Gas Aug as seen in the weekly chart above has opened the week at 244.60 levels and made a high of 246.80 levels. During this week prices have corrected from resistance zone of 246 – 248 levels towards the low of 232.70 levels. At the end trading session of the week prices bounced back from the support zone of 232 – 230 levels towards 240.40 levels. In the week prices have closed below the previous week’s closing levels of 243.30 levels and finally closed 1.60% lower at 239.40 levels.
Resistance is now observed in the range of 246 - 248 levels. Trading consistently above 250 levels would lead towards the strong resistance at 256 levels, and then finally towards the major resistance at 263 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Sideways
S1 - 236 / $ 3.70 R1 - 248 / $ 3.90
S2 - 230 / $ 3.60 R2 - 256 / $ 4.05
Weekly Recommendation: Sell MCX Natural Gas August between 247 – 249, SL – 256, Target – 233 / 231
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