Mcx natural gas future this week closed at 188.7 with loss. This was first weekly loss for natural gas prices. This week mcx natural gas future hit high of 196.2 and low was 187.6, Total 6 rupee weekly range and closed near low on fresh short selling.
On weekly chart, mcx natural gas prices are in downtrend and heading lower after testing long term averages. On upside 191 to 194 are resistance levels and remain as strong supply zones on weekly chart. Weekly chart RSI is at 46 with bearish divergence and MACD is at -2.6 with bullish crossover.
For month of October, mcx natural gas future opened strong but fresh shorting around 196, made prices to slide below major support of 195.6 and entered into short term downtrend for bearish targets 187.5 and then 177 rupee. This week mcx natural gas prices hit 187.5 target with low of 187.6 and now watch 187.5 support. If breakdown happens then expect next target at 177 rupee. Reversal from here means upside levels of 195.5.