MCX Natural gas weekly report 5-9 May 2014
Natural gas daily chart technical analysis
Mcx natural gas future on last trading session closed at 282.3 with loss. On daily chart, ng future price trend is bullish but momentum is very weak on correction phase. Natural gas future is still trading above 1 month and 3 month averages with bearish indicators patterns. For next week, 280 and 272 rupee strong support zones for ng and on upside 292 and 305 are strong resistances.
Traders above 280-rupee level keep long view for natural gas and expect targets of 292 and then 305 in next week.
Natural gas weekly chart technical analysis
Mcx natural gas future this week closed in red with loss of almost 1%. This week ng future high was at 293.5 while low was at 282.1. Total 12 rupee or 4% weekly swing in prices and closed with loss. On weekly chart natural gas, future is in uptrend with strong bullish momentum. On downside, 270 rupee is 6-month average and first support level and below it, 252 rupee is 12-month average level and strong long-term support. On upside 305 and 320 are strong resistances as well as targets for upcoming weeks.
Investors with strict stop loss below 270 rupee keep accumulation strategy for natural gas and expect targets of 305 and then 320 rupees in medium terms.