Natural Gas Aug In Up Trend, Buying Recommendation
CommodityOnline | Aug 11, 2014 07:56AM ET
Resistance is now observed in the range of 248 - 250 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 233 levels and made a low of 232.10 levels. During this week prices bounced from the support zone of 230 – 232 levels towards the weekly high of 246.80 levels. This week prices finally closed 4.02% higher at 243.30 levels. Technically, prices have formed “Bullish candlestick pattern” which is the sign of optimism.
For the next week we expect Natural Gas prices to find support in the range of 238 - 236 levels. Trading consistently below 236 levels would lead towards the strong support at 230 levels and then finally towards the major support at 225 levels.
Resistance is now observed in the range of 248 - 250 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: Up
S1 - 236 / $ 3.80 R1 - 248 / $ 4.05
S2 - 230 / $ 3.65 R2 - 256 / $ 4.18
Weekly Recommendation: Buy MCX Natural Gas August between 234 – 236, SL – 229, Target – 248 / 250
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