Natural gas forecast for week 21 to 25 April
Natural gas daily chart technical analysis
Natural gas future on last trading session closed at 285 with gain. On daily chart last session move was breakout above major averages with bullish indicator patterns. From short term view, natural gas now has supports at 280 and 274. 280 is 3 month average level and 274 is 1 month average level. On upside 298 and 315 are strong resistances as well as targets for upcoming weeks.
Daily chart RSI is at 52 with fresh buy signal on chart and CCI is -37 and heading towards zero with bullish divergence.
Short term traders above 274 keep buy and accumulate strategy for targets 298 and then possibly 315.
Natural gas weekly chart technical analysis
Natural gas future this week closed with almost 2% gains. This was second gaining week for ng future. This week natural gas future hit high at 286 while low was at 271. Total 15 rupee range or almost 5% weekly swing and closed with gain. Natural gas future after taking support around 12 month average once again is heading towards top. From medium to long term view, 275 is 6 month average and 250 is 12 month average level. On upside 300 and 320 are strong resistances as well as upcoming targets.
Both RSI and CCI are bullish and heading upwards with bullish divergences.
Investors above 250 rupee keep buy, accumulate view for natural gas, and expect targets of 300 to 320.