MCX Natural gas daily chart technical analysis
Natural gas future on last session closed at 378 with loss. On daily chart natural gas price trend and momentum both are strong bullish. Prices are trading very above all short-term average and still near its high. Major averages are way down in 280-320 zones.
For next week, mcx natural gas future support zones are 358 and then 340 on downside while on upside expect strong supply from market at 384 and then 398 levels.
Short-term traders below 384 expect some correction in prices as there already above overbought zones.
MCX Natural gas weekly chart technical analysis
Natural gas future this week has given 17% Bull Run and closed near high. This week natural gas hit low at 325 while high was near 396. Total 70 rupee or almost 20% run in week and closing with strong gains. As next month, future is trading near major average with high discount. This month’s supports and resistances are cannot be applied fro next months.
For next month future , medium to long term support zones are 280 and 255 while on upside 325 and 358 will be strong resistances.
Swing traders and investors above 280 must follow buy on dips view for upside targets.