Mcx Natural Gas Weekly Outlook – MCX Natural Gas April as seen in the weekly chart above has opened the week at 168 levels and at the starting of the week it made a high of 169.90 levels. During the week prices could not able to substation on higher levels and corrected sharply towards the weekly low of 157.60 levels. This week prices closed below the previous week’s closing of 169 levels and finally closed 6.57% lower at 157.90 levels. Technically, prices have formed “Bearish candlestick pattern” which indicating further weakness.
Natural Gas Support & Resistance Level :
For the next week we expect Natural Gas prices to find support in the range of 152 – 153 levels. Trading consistently below 152 levels would lead towards the strong support at 146 levels and then finally towards the major support at 140 levels.
Resistance is now observed in the range of 164 – 165 levels. Trading consistently above 165 levels would lead towards the strong resistance at 172 levels, and then finally towards the major resistance at 180 levels.
NATURAL GAS WEEKLY CALLS – Sell MCX Natural Gas April between 164 – 166, Stoploss- 172, Target – 152/ 148