Natural Gas future daily chart technical analysis
Natural Gas future on Friday closed at 217 with gain. On daily chart Natural Gas future is in downtrend and we saw low around 200 rupees and natural gas future almost hit its January bearish swing target of 200 and now look like taken support around those levels and bouncing back. Below 200 next support as well as bearish target will be around 176 rupees. On upside 235 and then 256 rupees are strong resistance zones as well as target zones for this recovery move. On daily chart ng prices looking oversold and bounce back was due.
Natural Gas future weekly chart technical analysis
Mcx Natural Gas future this week closed with gain. This was first gaining week for Natural Gas future after last 2 weeks sharp selloff. On weekly chart mcx natural gas price trend and momentum both are bearish, prices are trading below major averages with oversold indicators.
From long term view, mcx natural gas future below 246 will remain weak and sell. On downside 135 and then 100 rupees are support zones as well as target zones if downtrend persist. Above 246 expect trend reversal and bullish targets up to 330 and above.
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