Natural gas daily chart technical analysis
Mcx natural gas future on last trading session closed at 285 with loss. On daily chart, price trend and momentum both are bullish. Natural gas future is trading above 1 and 3 month averages with mixed indicator patterns. From short-term view, NG future support zones are 280 and 265 while on upside 290 and 305 are strong resistances. 280 is 1 and 3 month average crossover level.
Traders above 280-rupee level keep buy on dips strategy for targets 290 and then 305. If natural gas future closes below 280 rupee then expect downside with consolidation.
Natural gas weekly chart technical analysis
Mcx natural gas future this week closed with loss. This week ng future hit high at 292 while low was at 283. Total 9-rupee weekly range or 3% volatility and closed with loss. Weekly chart price trend and momentum both are bullish. From medium to long-term view, natural gas support zones are now at 280 and 255. 280 is 6-month average level and 255 is 12-month average level. On upside 300 and 320 rupee are strong supply zones for now. Investors above 255 keep buy on dips view for targets 300 to 320 rupee in longer terms.