Mcx natural gas future weekly technical analysis report for 12 June to 16 June 2017
Mcx natural gas future this week closed at 196 with gain. After last week’s losses this week we saw short covering and bounce back from 191 support levels and ng prices closed in green for week. This week mcx natural gas future hit my given sell target of 191 and now next downside target will be 184.
Mcx ng future price trend and momentum both are bearish. Below 208.5 mcx natural gas future will remain weak and sell on rise for targets 191 and then 184. For next week watch breakdown below 191 for target 184.
From long term view, mcx natural gas future given bullish breakout above 208 rupee resistance but not sustained above it and now heading for 170 to 150 rupees long term support zones.