Natural Gas October Down, Resistance At 245-246 Levels
CommodityOnline | Sep 22, 2014 06:26AM ET
Trading consistently above 246 levels would lead towards the strong resistance at 252 levels, and then finally towards the major resistance at 256 levels.
MCX Natural Gas October as seen in the weekly chart above has opened the week at 239 levels and during this week open and low were same levels. This week prices made a high of 251.80 but prices could not able to sustain on higher levels and sharply corrected towards the weekly low levels and finally closed 0.08% higher at 240.50 levels. From last few weeks prices are trading in a range.
For the next week we expect Natural Gas prices to find support in the range of 233 - 234 levels. Trading consistently below 233 levels would lead towards the strong support at 229 levels and then finally towards the major support at 224 levels.
Resistance is now observed in the range of 245 - 246 levels. Trading consistently above 246 levels would lead towards the strong resistance at 252 levels, and then finally towards the major resistance at 256 levels.
MCX / NYMEX Natural Gas Trading levels for the week
Trend: Down
S1 - 233 / $ 3.72 R1 - 246 / $ 3.95
S2 - 229 / $ 3.60 R2 - 252 / $ 4.10
Weekly Recommendation: Sell MCX Natural Gas October between 245 – 246, SL – 252, Target – 233 / 229
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