Mcx crude oil future this week closed with heavy loss. This was sixth losing week for oil future. This week crude high was around 3035 while low was at 2815. Total 220 rupee range or almost 7% plus weekly volatility and another bad week for energy commodity. Crude future is trading way below major averages. On downside 2780 and 2560 are strong support zones and on upside 2950 and 3050 are strong resistances as well as trailing stop losses for short positions in crude oil.
Mcx natural gas future this week closed with gain. After last 2 weeks losses ng future seen value buying and trying to overcome major averages resistances. On weekly chart ng future price trend and pattern both looks bullish ad indicators given fresh buy signal on weekly chart suggesting medium to long term upside for natural gas prices.
For next week, natural gas future support zones are 172 and 163 while on upside 184 and 199 are resistances as well as target zones.