MCX Natural gas daily chart technical analysis
MCX Natural gas future on last trading session closed with loss of almost 6%. On daily chart, natural gas is showing topped out sign and expect correction ahead. However, trend and momentum is strong bullish, prices re clearly trading in overbought zone. On chart for next week mcx natural gas support levels are 290 and 265 while on upside expect strong supply from market at 309 and 322. For next week, below 320 traders must keep sell on rise view and expect 290 and below levels as targets.
MCX Natural gas weekly chart technical analysis
MCX Natural gas future this week closed with loss of 5%. This wee we seen high volatile moves by natural gas prices and hit fresh high at 343. This week, mcx natural gas high point was 343 while low was at 294. Total almost 50-rupee range in week and closed in red. After last weeks, sharp short covering natural gas has given negative closing on chart and suggesting same sharp correction rally ahead. All major medium to long-term averages are way down as rally was sharp and with huge price action in very short time. On chart 252 is mcx natural gas 6-month average and first major average support zone. Clear top is formed at 322 and remain as strong long-term resistance for investors.