Natural Gas future daily chart technical analysis
Natural Gas future on Friday closed at 232 with loss. On daily chart Natural Gas future price trend and momentum both are very bearish now. We saw breakdown below 270 rupee and then fresh selling triggered and natural gas future recorded low near 230 rupees.
Natural Gas future on chart trading below all short term averages with bearish signals on indicators and oscillators. On downside 205 and then 165 rupees are my bearish target zones as well as support levels for this series. Expect reversal above 270 rupees only.
Natural Gas future weekly chart technical analysis
Mcx Natural Gas future this week closed with huge loss. This was first losing week for Natural Gas future. In this week NG prices slips from 269 to 231 rupees. On weekly chart 225 is major long term average support and below it expect another sharp downside moves. Weekly chart indicators and oscillators approaching oversold zones so stay cautious in short positions with trailing stop loss. Here expect great volatility in this year.
From long term view, natural gas future below 260 rupees will remain weak and sell. On downside 200 and below it 155 rupees are my long term bearish target zones.
Natural Gas future monthly chart technical analysis
Mcx Natural Gas future in month of December closed with record loss and tumbled from highs of 335 to low of 230. Means 100 rupee plus downside move or almost 30% drop from top on profit booking. On monthly chart 190 to 210 is strong support zone, if prices breaks that then expect panic selling in longer terms.
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