Mcx Natural Gas Weekly Outlook – MCX Natural Gas May as seen in the weekly chart above has opened the week at 168.00 levels and made a high of 169.60 levels. But could not sustain on higher levels prices fell sharply lower towards the weekly low of 163.90 levels. This week prices closed below the previous week’s closing of 168.70 levels and finally closed 2.25% lower at 164.90 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating down moves.
Natural Gas Support & Resistance Level :
For the next week we expect Natural Gas prices to find support in the range of 159 – 160 levels. Trading consistently below 159 levels would lead towards the strong support at 155 levels and then finally towards the major support at 149 levels.
Resistance is now observed in the range of 169 – 170 levels. Trading consistently above 170 levels would lead towards the strong resistance at 176 levels, and then finally towards the major resistance at 180 levels.
Sell MCX Natural Gas May between 169 – 170, Stoploss- 176, Target – 159/ 155