mcx natural gas price forecast for 6 to 10 may 2013

mcx natural gas price daily chart forecast

mcx natural gas on last trading session closed at 218.7 with gains.on daily chart mcx natural gas future trading just above 3 month average which is 216 and last short term support on downside.on upside 222 is weekly average while 226 is month average and last resistances from short term view.on indicators side,mcx natural gas daily cci is –163 and in oversold zone.while daily rsi level is 48 and with fresh sell signal.

mcx natural gas price weekly chart forecast

mcx natural gas this week down by 5%+ on profit booking.this week mcx ng future made high at 238.4 while low was 24 rupee move which is almost 12% for ng prices.

on weekly chart mcx natural gas future trend is bullish but momentum is down on account of profit booking pressure.on downside 202 is 6 month average while 188 is 12 month average and 180 is 2 years average.all these are supports from medium to long term view.this is 2 nd losing week for mcx natural gas prices after 9 weeks bull run.

on indicators mcx natural gas weekly cci is +101 and heading towards zero while mcx ng weekly rsi is 58 and trending towards 50.

mcx natural gas price forecast for 6 to 10 may 2013

for next week ,this profit booking rally may continue and may slips below 3 month average of 216.we may see 208-202 as downside target zones while on upside 222 remain entry zone and 226 as stoploss.

from medium to long term view,mcx natural gas future going through correction phase and may touch 6 or 12 month average and in critical conditions 180 levels also possible downside targets for ng prices.

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Pramod Baviskar

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