MTECHTIPS MCX NATURALGAS WEEKLY trading analysis 12-05-2015
Mcx natural gas future on last trading session closed at 180.8 with gains. on daily chart, ng future given bullish breakout at 174 level and now making higher high with strong buying momentum. daily chart price and indicators patterns are bullish.for next week, mcx natural gas future outlook will remain bullish. 169 is major support on downside and above it keep buy on dips view for targets of 185 which is almost achieved and then 193. in strong short covering scenario this energy commodity can test 210-215 levels.on weekly chart, mcx natural gas future given second successive positive closing with rounding bottom formation. from medium to long term view, mcx natural gas future at trend breakout stage. weekly closing above 189 will confirm it. 223 and then 260 will be target zone for medium to long term investors.