Mcx Natural Gas Weekly Outlook – MCX Natural Gas Dec. as seen in the weekly chart above has opened the week at 235.80 levels and the same day prices made a low of 224.30. During this week prices could not able to sustain on lower levels and bounced towards the weekly high of 238 levels. In the week prices have closed near the previous week’s closing of 236.90 levels and finally closed 0.04% lower at 236.80 levels. Technically, as per the candlestick pattern prices have formed “Hammer Candlestick pattern” on lower levels which is the sign of bullish trend in the prices.
Natural Gas Support & Resistance Level Report for Next Upcoming Week :
For the next week we expect Natural Gas prices to find support in the range of 228 – 229 levels. Trading consistently below 223 levels would lead towards the strong support at 218 levels and then finally towards the major support at 214 levels.
Resistance is now observed in the range of 243 – 245 levels. Trading consistently above 245 levels would lead towards the strong resistance at 252 levels, and then finally towards the major resistance at 260 levels.