MCX Natural Gas April as seen in the weekly chart above has opened the week at 167.50 levels. First three sessions of the week prices fell lower and made a low of 162.20 levels but could not sustain at lower levels at the end of the week prices rallied sharply higher towards the weekly high of 170.20 levels. This week prices closed above the previous week’s closing of 166.60 levels and finally closed 1.44% marginally higher at 169 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick”.
NATURAL GAS SUPPORT & RESISTANCE LEVEL :
For the next week we expect Natural Gas prices to find support in the range of 162 – 163 levels. Trading consistently below 162 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 174 – 175 levels. Trading consistently above 175 levels would lead towards the strong resistance at 180 levels, and then finally towards the major resistance at 186 levels.