Mcx Natural Gas Weekly Outlook Report : MCX Natural Gas August as seen in the weekly chart above has opened the week at 179.00 levels and made a high of 185.10 levels. But could not sustain on higher levels prices fell sharply lower towards the weekly low of 174.50 levels. This week prices closed below the previous week’s closing of 179.60 levels and finally closed 2.67% lower at 174.80 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 166 – 167 levels. Trading consistently below 166 levels would lead towards the strong support at 160 levels and then finally towards the major support at 155 levels.
Natural Gas Weekly Resistance Level :
Resistance is now observed in the range of 180 – 181 levels. Trading consistently above 181 levels would lead towards the strong resistance at 187 levels, and then finally towards the major resistance at 193 levels.