Natural Gas June In Sideways Trend, Resistance At 288-289 Levels
CommodityOnline | Jun 23, 2014 05:37AM ET
Natural Gas prices to find support in the range of 268 - 267 levels. Trading consistently below 267 levels would lead towards the strong support at 262 levels and then finally towards the major support at 255 levels.
MCX Natural Gas June as seen in the weekly chart above has opened the week at 285.80 levels and made a high of 288.70 levels. During this week prices could not able to sustain on the resistance zone of 288 – 290 levels and sharply corrected towards the weekly low level of 272.20 levels. This week prices have closed below the previous week’s closing level of 284.70 levels and finally closed 4.04% lower at 273.20 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect Natural Gas prices to find support in the range of 268 - 267 levels. Trading consistently below 267 levels would lead towards the strong support at 262 levels and then finally towards the major support at 255 levels.
Resistance is now observed in the range of 288 - 289 levels. Trading consistently above 289 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: Sideways
S1 - 267 / $ 4.40 R1 - 289 / $ 4.80
S2 - 262 / $ 4.20 R2 - 295 / $ 4.95
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