Mcx natural gas future this week closed with a loss at 146.7. Weekly chart price trend and momentum both are bearish and prices inching lower. After last week’s strong recovery, ng future resumed primary downtrend.
On downside 143 and 136 rupees, levels are support zones for next week. On the upside, 155 and 162 levels will act as strong resistances as well as fresh short entry zones with stop loss. 162 is natural gas 20 weeks average level and has importance from long term trend change view.
Traders here hold shorts with trailing stop loss for targets 143 and then 136 in next week. Monthly chart suggesting downside up to 132 if sustain below 162.