Natural gas weekly tips 14 to 18 April 2014
Natural gas daily chart technical analysis
Mcx natural gas on last trading session closed at 280.7 with loss. On daily chart, ng future price trend and momentum both are bullish. Natural gas is trading above its 3-month average with bullish indicators pattern on daily chart.
For next week, natural gas future support zones are 270 and 258 while on upside 295 and 310 are strong resistance levels.
Traders above 280 keep long view for targets 295 and above in next week.
Natural gas weekly chart technical analysis
Mcx natural gas future this week closed with 5% gains. On weekly chart ng, future price trend and momentum both are bullish. This week natural gas future hit high at 284 while low was at 268. Total 16 rupee or 7% weekly swing in prices and closed with huge gains.
From medium to long-term view, ng future support zones 280 and 250 rupees. 280 is 6-month average and 250 is 12-month average support zone. On upside 300 and 320 are strong resistances and targets if trend continues.
Investors above 250 use major dips to accumulate longs for target 300 and 320 in upcoming weeks.