Natural Gas June In Up Trend, Support At 278-277 Levels
CommodityOnline | Jun 16, 2014 05:36AM ET
MCX Natural Gas June as seen in the weekly chart above has opened the week at 279.60 levels. During this week prices made a low of 268.30 levels. As expected prices could not able to sustain on lower levels and bounced back sharply higher towards the weekly high of 286.90 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 2.04% higher at 284.70 levels.
For the next week we expect Natural Gas prices to find support in the range of 278 - 277 levels. Trading consistently below 277 levels would lead towards the strong support at 272 levels and then finally towards the major support at 268 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: Up
S1 - 278 / $ 4.60 R1 - 288 / $ 4.85
S2 - 272 / $ 4.50 R2 - 295 / $ 4.95
Weekly Recommendation: Buy MCX Natural Gas June between 278 - 277, SL - 271, Target – 289 / 295.
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