Natural gas weekly outlook 2 to 6 June 2014
Natural gas daily chart technical analysis
Mcx natural gas on last trading session closed at 271.2 with gain. On daily chart, ng future price trend is down but momentum is on recovery side so expect breakout ahead. For next week, Mcx natural gas support zones are 260 and 254 rupees while on upside 275 and 290 are strong resistances. 275 is 3-month averages and major trend resistance for ng future. Daily chart indicator pattern is bullish suggesting trend change ahead.
Traders for next week, above 254 keep buy on dips view for target 275 and possibly 290.
Natural gas weekly chart technical analysis
Mcx natural gas future this week closed with gains of 5.53%. Ng future is now trading above all medium to long-term averages with reversal patterns on indicators. On downside, 270 rupee is 6-month average level and below it, 255 rupee is 12-month average level. On upside 290 and 305 rupees are strong resistances. Weekly chart indicators pattern are bullish and suggesting long-term reversal.
Investors above 255 rupees keep buy on dips view for target 290 to 305 in upcoming weeks.