Mcx natural gas weekly-consolidating in range outlook still bullish

Mcx natural gas future weekly technical analysis report for 29
may to 2 June 2017

Mcx natural gas future this week closed at 214.8 with gain. After
last week’s losses this week we saw strong buying on lower levels and ng prices
closed in green for week. Ng taken support around 207 and heading for 220 again.
Mcx ng future price trend and momentum both are strong
bullish. Natural gas above 207 remain buy on dips for week with price targets
220 and 230. On downside ng futures support zones are 210 and 207 rupees.

From long term view, mcx natural gas future given bullish
breakout above 208 rupee resistance and now will head for 2017 targets of 308
and above.

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Pramod Baviskar

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