mcx natural gas march 2016 technical analysis report

mcx natural gas future technical analysis report for march 2016

mcx natural gas future technical analysis report for march 2016

Mcx natural gas for month of March trading with gain. After last month strong sell off prices taking support and showing some value buying. In last month ng future fallen from high of 155 to low of 116. Total 40 rupee or almost 25% loss for this commodity.   Monthly chart trend is down but prices looks oversold so expect technical bounce back ahead. For month of March 2016, mcx natural gas below 130 remain bearish. On downside 105 and 92 are support levels and target zones if downtrend persist.   Trend will change above 130 only on closing basis. Above it 143 and 168 are major resistance levels as well as target zones on reversal of trend. Prices are already in oversold area so expect bounce back.

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