Natural Gas In Uptrend, Resistance At 285-288
CommodityOnline | Jun 10, 2014 06:17AM ET
MCX Natural Gas June as seen in the weekly chart above has opened the week at 271.90 levels and it made a low of 268.60 levels. As expected prices could not able to sustain on lower levels and bounced back towards the weekly high of 280.40 levels. At the same time price have breached preceding three week’s high and trading above it and formed a “Bullish candlestick pattern” which is the sign of optimism. Finally prices have closed 2.88% higher at 279 levels.
For the next week we expect Natural Gas prices to find support in the range of 273 - 272 levels. Trading consistently below 272 levels would lead towards the strong support at 264 levels.
Resistance is now observed in the range of 285 - 288 levels. Trading consistently above 288 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: Up
S1 - 272 / $ 4.50 R1 - 288 / $ 4.90
S2 - 264 / $ 4.30 R2 - 295 / $ 5.10
Weekly Recommendation: Buy MCX Natural Gas June between 272 - 273, SL - 264, Target – 288 / 292.
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.