Natural Gas future technical analysis for 19 to 23 November 2018.
Natural Gas future daily chart technical analysis
Natural Gas future on Friday closed at 297.9 with gain. On daily chart Natural Gas future price trend and momentum both are very bullish. We saw breakdown above 236 and then fresh buying and then short covering rallied up to 358 rupee record high levels.
Natural Gas future on chart trading around 5 days average level but way above 50 and 100 days averages of 241 and 223 rupees. Mcx natural gas future hit all November series buy targets of 253 then 267 then 284 and lastly 299. Above 299 we saw sharp run and volatile high of 358 rupees and now prices are coming off from the highs and cooling off. Expect correction towards 284 to 267 in upcoming weeks.
Mcx natural gas future daily chart stochastic is off the highs and coming down from heavy overbought zones. MACD is bullish but topped out suggesting price top out for natural gas.
Natural Gas future weekly chart technical analysis
Mcx Natural Gas future this week closed at 297.9 with huge gains. This was third gaining week for Natural Gas future. In these 3 weeks Natural Gas future tumbled from 230 to 358 means almost lost 138 points or 60% gains from 230 levels!! Means Natural Gas technically entered bull market and achieved 297 and 335 investment targets in 1 week timeframe. Natural Gas future trading below 297 will enter into correction phase but if sustain above it then expect 335 and possibly 393 investment targets in long terms.
Natural Gas future weekly chart stochastic is came down from overbought zones but still looking bullish. MACD still holding bullish momentum on weekly chart.
From medium to long term view, mcx Natural Gas hit investment targets of 239 & then 297 then 334 and almost it hit high of 358 while next target was around 393. Now correcting and consolidating towards supports before next move.
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