EquityPandit’s Outlook for Natural Gas for the week (April 29,2019 – May 03,2019):
Technically on the daily charts we see minor support on the downside for Natural Gas Mcx Future lies in zone of 160- 162 levels, whereas minor resistance on the upside is capped around 180- 182 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 145- 150 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 200-205
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 200- 205 on upside and 145- 150 on downside.