EquityPandit’s Outlook for Natural Gas for the week (April 15, 2019 – April 19, 2019):
Subdued movement has been seen in Natural Gas and one should stay away from any trading in natural gas till any major breakout or breakdown is seen, Technically on the daily charts we see minor support on the downside for Natural Gas Mcx Future lies in zone of 180- 179 levels, whereas minor resistance on the upside is capped around 204- 205 levels.
If Natural Gas Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Natural Gas Mcx Future can head towards major support on lower side around 170- 165 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Natural Gas Mcx Future can head towards higher levels around 215- 216
Currently Natural Gas Mcx Future is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 215- 216 on upside and 170 -165 on downside.