Natural gas daily chart technical analysis
Natural gas future on last trading session closed at 283.3 with gain. On daily chart, natural gas price trend is down but momentum is showing recovery or stabilization near 280 zones on buying demand. Daily chart indicators patterns are clearly reflecting them.
For next week, 290 is mcx natural gas 3 month average and first strong resistance eon upside above that 305 is its month average and next major level to watch on daily closing basis.
On downside, 280 and 255 are strong support zones and in current trend target levels for next week. Nevertheless, as indicators are suggesting different trade’s traders above 278 keep contra view for upside target or technical bounce back in next week. Ukraine crisis also may boost prices on upside.
Natural gas weekly chart technical analysis
Natural gas future this week closed with almost 2% drop after last weeks whooping sell off. This week ng future high at 295 while low was at 276. Total 19-rupee weekly swing or 5% range and closing with loss.
Ng future weekly chart trend is bullish and prices heading for testing averages. On downside 270 is its 6-month average zone while 248 is its 12-month average zone. Both will be strong support levels on weekly closing basis. On upside 300 and 330 are strong resistances for now. Indicators pattern are bearish and suggesting downside may continue in upcoming weeks.
Investors must watch 270 supports level any weekly closing below it means deep correction up to 245 to 230.