Natural Gas future daily chart technical analysis
Natural Gas future on Friday closed at 317.4 with loss. On daily chart Natural Gas future price trend and momentum both are very bullish. We saw breakout above 236 and then fresh buying and then short covering rallied up to 358 rupee record high levels and now prices are cooling off on profit booking.
Natural Gas future on chart trading around 5 days average level but way above 50 and 100 days averages. 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. Now for month of December, mcx natural gas future has major support around 302-303 rupee levels. If ng prices sustain above it then expect short covering rallies up to 375 to 430 in December series. But slips below it then expect deeper correction and bearish targets of 250 and below.
Natural Gas future weekly chart technical analysis
Mcx Natural Gas future this week closed at 317.4 with huge gains. This was fifth gaining week for Natural Gas future. In these 5 weeks Natural Gas future rallied from lows of 230 to highs of 358 means almost gained by 128 points or 55% gains from 230 levels!! Means Natural Gas technically entered bull market and achieved 297 and 335 investment targets in very short time.
Natural Gas future monthly chart technical analysis
Mcx Natural Gas future in month of November closed with record gains and rallied from lows of 230 to highs of 358. Given 55% gains in 1 month period and still looking strong. Here From medium to long term view, Natural Gas future above 297 rupee major support will hold long term uptrend and might show 335 and 393 rupees super bullish targets of 2018. So investors with trailing stop loss below 297 and expect targets of 335 and then possibly 393 rupees.
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