Natural Gas Witness Sideways, Neutral Recommended
CommodityOnline | Nov 03, 2014 03:55AM ET
Resistance is now observed in the range of 245 - 246 levels. Trading consistently above 246 levels would lead towards the strong resistance at 251 levels, and then finally towards the major resistance at 256 levels.
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MCX Natural Gas November as seen in the weekly chart above has opened the week at 227.10 levels and during this week prices made a low of 223.20 levels. This week prices could not sustain lower levels and sharply rallied towards the weekly high of 244 levels. Prices finally closed 5.78% higher at 239.90 levels.
For the next week we expect Natural Gas prices to find support in the range of 233 - 232 levels. Trading consistently below 232 levels would lead towards the strong support at 225 levels and then finally towards the major support at 217 levels.
Resistance is now observed in the range of 245 - 246 levels. Trading consistently above 246 levels would lead towards the strong resistance at 251 levels, and then finally towards the major resistance at 256 levels.
MCX / NYMEX Natural Gas Trading levels for the week
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Trend: Sideways
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S1 - 232 / $ 3.74 R1 - 246 / $ 3.95
S2 - 225 / $ 3.60 R2 - 251 / $ 4.05
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Weekly Recommendation: Neutral
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