Natural Gas Weekly Outlook – MCX Natural Gas February as seen in the weekly chart above has opened the week at 161.70 levels and at the same day it made a low of 160.60 levels. During the week prices rallied sharply towards the weekly high of 180 levels, but later on at the end of the week prices could not able to sustain on higher levels and corrected sharply towards the low of 165.60 levels. During this week prices are able to closed above the previous week’s closing of 161.60 levels and finally closed 7.64% higher at 173.40 levels. Technically prices have formed “Bullish Candlestick pattern” which indicates further strength.
Natural Gas Support & Resistance Level :
For the next week we expect Natural Gas prices to find support in the range of 167 – 166 levels. Trading consistently below 166 levels would lead towards the strong support at 160 levels and then finally towards the major support at 154 levels.
Resistance is now observed in the range of 180 – 182 levels. Trading consistently above 182 levels would lead towards the strong resistance at 188 levels, and then finally towards the major resistance at 195 levels.