Natural Gas Witness Sideways, Resistance At 259-260 Levels
CommodityOnline | Nov 17, 2014 05:11AM ET
Resistance is now observed in the range of 259 - 260 levels. Trading consistently above 260 levels would lead towards the strong resistance at 268 levels, and then finally towards the major resistance at 276 levels.
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MCX Natural Gas November as seen in the weekly chart above has opened the week at 276.20 levels and during this week prices made a high of 279.30 levels. This week prices could not sustain higher levels and fell sharply lower towards the weekly low of 243.40 levels. Prices finally closed 9.26% lower at 249.00 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating downside move.
For the next week we expect Natural Gas prices to find support in the range of 242 - 240 levels. Trading consistently below 240 levels would lead towards the strong support at 233 levels and then finally towards the major support at 225 levels.
Resistance is now observed in the range of 259 - 260 levels. Trading consistently above 260 levels would lead towards the strong resistance at 268 levels, and then finally towards the major resistance at 276 levels.
MCX / NYMEX Natural Gas Trading levels for the week
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Trend: Sideways
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S1 - 240 / $ 3.90 R1 - 260 / $ 4.25
S2 - 233 / $ 3.80 R2 - 268 / $ 4.40
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Weekly Recommendation: Neutral
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