Natural Gas Resistance At 230-232 Levels, Down
CommodityOnline | Oct 27, 2014 05:03AM ET
Natural Gas prices to find support in the range of 220 - 218 levels. Trading consistently below 218 levels would lead towards the strong support at 214 levels and then finally towards the major support at 210 levels.
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MCX Natural Gas Nov. as seen in the weekly chart above has opened the week at 236.80 levels and it made a high of 237.80 levels. As expected in the week prices could not able to sustain on the higher levels and corrected sharply towards the new contract low of 224.70 levels. In the week prices have closed below the previous week’s closing of 238.40 levels and finally closed 4.87% lower at 226.80 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick pattern” indicating weakness in the prices.
For the next week we expect Natural Gas prices to find support in the range of 220 - 218 levels. Trading consistently below 218 levels would lead towards the strong support at 214 levels and then finally towards the major support at 210 levels.
Resistance is now observed in the range of 230 - 232 levels. Trading consistently above 232 levels would lead towards the strong resistance at 239 levels, and then finally towards the major resistance at 245 levels.
MCX / NYMEX Natural Gas Trading levels for the week
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Trend: Down
S1 - 218 / $ 3.50 R1 - 232 / $ 3.75
S2 - 210 / $ 3.30 R2 - 239 / $ 3.90
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Weekly Recommendation: Sell MCX Natural Gas November between 231 – 233, SL – 239, Target – 218 / 214
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