Natural Gas Weekly Outlook Report : MCX Natural Gas August as seen in the weekly chart above has opened the week at 181.00 levels and made a high of 189.70 levels. But could not sustain on higher levels prices fell sharply lower towards the weekly low of 179.10 levels. This week prices closed below the previous week’s closing of 182.70 levels and finally closed 1.70% marginally lower at 179.60 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
Natural Gas Weekly Support Level :
For the next week we expect Natural Gas prices to find support in the range of 172 – 173 levels. Trading consistently below 172 levels would lead towards the strong support at 165 levels and then finally towards the major support at 159 levels.
Natural Gas Weekly Resistance Level :
Resistance is now observed in the range of 184 – 185 levels. Trading consistently above 185 levels would lead towards the strong resistance at 190 levels, and then finally towards the major resistance at 196 levels.
Sell MCX Natural Gas August between 184 – 185, Stoploss – 190, Target – 172 – 165