MCX Natural gas daily chart technical analysis
MCX Natural gas on last trading session closed at 272.3 with gain. On daily chart, NG future trend and momentum both are down and prices are trading below its 3 month and month averages. Indicators pattern are bearish but in oversold zone, so bounce back is expected ahead.
For next week, below 290 traders keep bearish view for natural gas and follow sell on rise view. 290 levels is its 3-month average zone while above that 295 will be month average and next resistance level. On downside, 266 and 254 are support zones, and if trend continues then targets for the natural gas in next week.
MCX Natural gas weekly chart technical analysis
MCX Natural gas this week closed with almost 4% loss. This was 3 rd losing week for natural gas prices and in these 3 weeks we seen prices slumped from high of 402 to low of 266. Total 136 rupees or 30% fall in prices in very short time on sharp profit booking.
This week natural gas future hit high at 290 while low was near 266. Total 24-rupee price range or 8% weekly volatility and correction continues.
Natural gas closed at its 6-month average below that, 248 will be its 1 2month average level and below that, 230 will be 2 years average zone. Both will be strong support zones from long-term view. On upside, 295 and 330 will be strong resistances on weekly chart.