Natural Gas Weekly Outlook - MCX Natural Gas June as seen in the weekly chart above has opened the week at 169.00 levels and made a high of 175.10 levels. But could not sustain at higher levels prices fell sharply lower towards the weekly low of 165.00 levels. This week prices closed below the previous week’s closing of 169.80 levels and finally closed 1.71% lower at 166.90 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
Natural Gas Support Level :
For the next week we expect Natural Gas prices to find support in the range of 160 – 161 levels. Trading consistently below 160 levels would lead towards the strong support at 154 levels and then finally towards the major support at 148 levels.
Natural Gas Resistance Level :
Resistance is now observed in the range of 172 – 173 levels. Trading consistently above 175 levels would lead towards the strong resistance at 180 levels, and then finally towards the major resistance at 189 levels.