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Natural Gas Technical outlook for this week 11 to 15 augBack

Natural gas August contract inched 9.40 rupees up to settle at 243.30.Natural gaswitnesses recovery from potential reversal zones and settled well near 50% Fibonacci correction for the entire swing from the low of 99.50 to high of 402.70. 10 weeks SMA had fallen below 20 weeks SMA but 20 weeks SMA is staying above 50 weeks SMA and keeps longer term bullishness intact. MACD has fallen below line zero and provides strong bearish signal for bears. Stochastic had reached in oversold territory and now it is trying to recovery to bring a reversal over short term picture. Today resistance would be 247 any move above that level would bring a retest to 252-255 zones whereas areas of 260 will remain crucial resistance zones and any closing above that level may bring more power to bulls. Support is now seen near 232 and then at 229 failure of 229 would bring more weakness and then commodity may try heading towards 220-217 but in that case also we expect this counter to recover from 220-217 zones.

Trading range for the week is expected among the key support at 222 and resistance at 250.


This week again buying Natural gas on declines around 234-232 with stop loss below 229 for targeting 242-250 and more upside might be appropriate.

On a broader picture buying Natural gas on declines around 222-218 with stop loss below 210 for targeting 240-250 might be appropriate for short term.

Natural Gas Technical outlook for this week 11 to 15 aug
Posted on: 11-Aug-2014 | Posted by: NIFM | Comment('0')
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