Natural gas forecast 31 March to 4 April 2014
Natural gas daily chart technical analysis
Mcx natural gas on last trading session closed at 270.5 with loss. On daily chart natural gas, price trend and momentum both are down. Natural gas is trading below 1 month and 3 month averages and just above its week average. Daily chart indicators pattern are mixed.
For next week, natural gas future support zones are 260 and 248 while on upside 280 is 1-month average level and first resistance level and above it 285 is 3-month average and major resistance level. Below 285 traders, keep sell on rise view for downside targets 260 and below.
Natural gas weekly chart technical analysis
Mcx natural gas future this week closed with almost 3% gains. After last four losing week prices seen some short covering as well buying near supports. Natural gas future weekly chart price trend and momentum both are bullish and it is trading above all long-term averages.
On downside 250 is 12-month average and first major support and below it 230 is 2 years average and last long-term support for natural gas future. On upside 290 and 305 are strong resistances for now. Weekly chart indicators patterns suggesting reversal of correction so expect higher levels in upcoming weeks for natural gas.