Mcx natural gas future weekly technical analysis report for 22 to 26 may 2017
Mcx natural gas future this week closed at 210.3 with loss. After last week’s gains and hitting swing target of 220 rupee, ng prices given some correction and retracement up to 203 rupee. Above 207 remain bullish and buy on dips. Mcx ng future price trend and momentum both are strong bullish.as expected given bullish breakout above 207 and hit my given target of 220 rupee and now heading for next target of 230 rupees. On daily chart, mcx natural gas future support zones are 204 and 198 rupees and remain as fresh buying levels. On upside 214 and then 219 will be target zones. 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.