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Technical Analysis
Natural Gas Weekly Outlook
Posted by
16-Dec-13 05:20PM
Natural gas December contract inched 19.10 rupees up to settle at 272.50. As we can see clearly natural gas is moving in a rising channel and now approaching towards upper line of this channel. 10 weeks SMA is above 20 and 20 weeks SMA is above 50 weeks SMA indicating a strong bullish trend. MACD is above zero line and recently it has crossed signal line to the upside hinting more bullishness in this commodity.
Stochastic is above zero line and now approaching over bought territory hitting strong buying pressure in this commodity. Immediate support is now placed at 267 any sustained move below that level may open the doors for a retest to 260-255 zones. Key support is now seen at 237 and no weakness possible until commodity manages to breach that level. Resistance is now seen near 277 any sustained move above that level would all for a retest to 284 and then 293 zones in coming days.
Trading range for the week is expected among the key support at 260 and resistance at 280.
Recommendation:
* Buying natural gas above 277 with stop loss below 267 for targeting 284-290 and more upside might be appropriate.
* In alternative and very risky scenario selling can be taken below 267 with stop loss above 273 for targeting 262 and more down side might be appropriate.
* In a general scenario buying on declines around 247-243 with stop loss below 237 for targeting 290 and more upside might be appropriate.
· In alternative scenario selling below 222 with stop loss above 230 for targeting 215-213 and more down side might be appropriate.
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