Natural gas weekly outlook 7 to 11 April 2014

Natural gas weekly outlook 7 to 11 April 2014

Natural gas daily chart technical analysis

Mcx natural gas future on last trading session closed at 267.1 with loss. On daily chart ng future price trend is down but momentum is building on long side that why we seen recovery from lows.

Natural gas is trading below major averages but recovery patterns on indicators. For next week, 274 is first resistance, which is its 1-month average level, and above it, 280 will be next resistance, which is its 3-month average. On downside, 258 and 240 are support zones of previous swing lows and bases.

Daily chart, RSI is 44 and heading towards 50 zones while CCI is -66 and hovering near -100 levels.

Traders here can take contra view with strict stop loss below previous swing low of 258 and expect targets on upside at 274 and then 280 in next week.

Natural gas weekly chart technical analysis

Mcx natural gas future this week closed with loss of 1.26%. This week natgas future hit high at 271 while low was at 253.4. Total 18 rupee or 6% price swing and closed with loss. This week almost touched its 12-month average and closed near 6-month average with recovery.

From medium to long-term view, 275 is 6 month average and first resistance on chart above it 300 will be next resistance on upside. On downside 250 is 12-month average and first support zone and below it, 230 will be last support and is its 2 years average level.

On indicators and oscillators, RSI is 52 and still holding 50 level which is bullish sign and CCI is 96 and below +100 with bearish divergence.

Investors above 250 keep buy on dips view and expect first major target at 300 in upcoming weeks.

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The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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