Natural gas Trend analysis 26 to 30 May 2014
Natural gas daily chart technical analysis
Natural gas future on last trading session closed at 257 with gain. On daily chart, ng future is in downtrend and trending lower towards oversold zone. Ng is closed below all short-term averages. For next week, Natural gas future has support zones around 255 and 240 rupees zone while on upside 270 and 280 rupees are strong resistances. 270 rupee is 1-month average level and 280 rupee is 3-month average level. Daily chart indicators are bearish so expect ng to test supports zones in next week.
Traders here watch 248-255 zones if prices shows resilience in that zone that will be reversal signal and buying opportunity for traders for targets 270 and 280 rupees.
Natural gas weekly chart technical analysis
Natural gas future this week closed with loss of 1.12%. This was fifth week of loss for Natural gas future. In these, five-week period ng future tumbled from 295 to 255 rupees. Natural gas future had Lost 40 rupees or 14% in prices in very short time. This week ng future made high at 270 while low as at 254. Total 16-rupee range or 5% swing and closed with loss. Natural gas future has given closing at its 12-month average, which is very significant for upcoming weeks.
254 and 235 are strong support zones for Natural gas future from medium to long-term view. Out of which 254 is 12-month average and 235 is 24-month average level while on upside 275 and 295 will remain as strong resistances 275 is its 6-month average level. Weekly chart indicators pattern is bearish so expect breakdown and Natural gas future may test its 2 years average in upcoming weeks.