Mcx natural gas weekly-achieved 180 target next tgts 165-152

Mcx natural gas weekly technical forecast for 14 to 18 November 2016 Mcx natural gas weekly technical forecast for 14 to 18 November 2016 Mcx natural gas future this week closed with loss. This was second weekly loss for this energy commodity.   Below 203 we saw sharp selloff and ng price achieved downside target of 180 rupee and then we saw low up to 170. Now trading at 179 but below 180 expect lower level target at 165 and then 152.   If sustain above 180 rupee on weekly closing basis then expect sharp short covering rally up to 203. Below 203, mcx natural gas outlook remain weak and sell. Only above 203 expect uptrend and upside for prices.   From medium to long term view, ng price are correcting toward support of 157 rupee.

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Pramod Baviskar

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