Natural Gas Witness Down, Support At 224-225s
CommodityOnline | Oct 20, 2014 06:42AM ET
Natural Gas prices to find support in the range of 224 - 225 levels. Trading consistently below 224 levels would lead towards the strong support at 216 levels and then finally towards the major support at 211 levels.
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MCX Natural Gas October as seen in the weekly chart above has opened the week at 235.20 levels and during this week prices made a high of 243.60 levels. This week prices could not sustain higher levels and sharply corrected towards the weekly low of 228.30 levels. Prices finally closed 2.16% lower at 230.90 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 224 - 225 levels. Trading consistently below 224 levels would lead towards the strong support at 216 levels and then finally towards the major support at 211 levels.
Resistance is now observed in the range of 237 - 238 levels. Trading consistently above 238 levels would lead towards the strong resistance at 245 levels, and then finally towards the major resistance at 251 levels.
MCX / NYMEX Natural Gas Trading levels for the week
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Trend: Down
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S1 - 224 / $ 3.62 R1 - 238 / $ 3.90
S2 - 216 / $ 3.50 R2 - 245 / $ 4.05
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Weekly Recommendation: Sell MCX Natural Gas October between 237 – 238, SL – 245, Target – 225 / 224
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