MCX Natural gas daily chart technical analysis
Mcx natural gas on last trading session closed at 263.1 with loss. On daily chart, natural gas price trend and momentum both are down. Prices are trading below all short-term averages with strong bearish indicators patterns.
For next week, mcx natural gas resistance levels will be 280 and 286. 286 is month and 3 month average zone. On downside, expect some support at 260 and 248. Daily chart RSI level is 41 with bearish divergence and CCI level is -81 with bearish divergence.
Below 286 over all strategy, remains sell on rise for downside targets 260 and then 248. At current level, risk reward is not favorable.
MCX Natural gas weekly chart technical analysis
Mcx natural gas this week tumbled by almost 4%. This was forth losing week and in these 4 weeks natural gas tumbled from 400 to now 260. This week ng future high was 281 while low was at 261. Total 20 rupee or 6% plus weekly swing and correction continues.
Crude prices are below its 6-month average and heading towards 12 and 24-month average to test them. 248 is 12 month average and 235 is 2 years average level will remains as major support zones on weekly chart. On upside 280 and 310 are strong resistances on weekly closing basis. Weekly chart, RSI is at 51 and near support while CCI is +107 and near support.
Below 280 views remain bearish but as indicators are near supports I suggest keep wait and watch strategy here, we may see sharp reversal in prices if indicators take supports.