Mcx natural gas future this week closed at 198.3 with strong gains. After last week’s strong gains natgas prices taken support at major average and moving upward for 200+ level. In last 2 weeks mcx ng prices rallied from low of 177 to high up to 199+. In 2 weeks we saw 22 rupees or 12% plus gains on strong buying as well as trapped short covering.
This week mcx natgas hit high around 199.3 while low as at 189. Total 10 rupee range and another strong positive closing for this energy commodity.
Natural gas weekly chart price trend and momentum both are strong bullish and indicators suggesting another upside move for next week.
After sharp fall, ng had taken support just above 175 and given bullish breakout above 187 for target 204-205. Which is expected in next week. Above 204 next major target will be 215-216.
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