

Natural Gas prices posted a robust +7% gain over the past week, continuing a bullish run for the third consecutive week, fueled by strong demand and supportive global cues. NYMEX Natural Gas extended its winning streak with prices forming a classic "three white soldiers" pattern on the weekly timeframe, signaling sustained bullish momentum. The contract ended the week at $4400.4, marking a significant close, with immediate supports identified at $4235 and $3975.5—levels likely to attract buying interest on any pullbacks.
MCX Natural Gas prices spent much of the mid-week consolidating sideways after an earlier bull surge, hitting a new high at 392.2 before settling at 385.8. Importantly, this close remains above the 20, 50, 100, and 200 DEMA levels, which are situated at 348, 356, 358, and 377 respectively, underscoring the prevailing bullish structure. The November contract exhibited notable volatility in Open Interest (OI); positions were squared off at the week's start, but a renewed surge of +2000 lots in OI mid-week reflects fresh participant entry and growing market confidence. Immediate supports for MCX Natural Gas are observed at 377 and 356, aligning with key moving averages, while resistance is pegged at 400 and 422, with the latter coinciding with the 100-weekly EMA, which is a critical barrier for further advances. On the daily chart, the RSI stands strong at 65.02, signaling a continued bullish bias and showing momentum comfortably above the neutral 50-mark. The MACD is firmly in bullish territory, maintaining a positive crossover and supporting the thesis of sustained upward movement. Volume data corroborates this bullish stance, with rising turnover confirming increased market participation and renewed momentum.
The short-to-medium term trend for Natural Gas remains moderately bullish, supported by persistent buying interest, healthy open interest trends, and indicators suggesting positive momentum. Traders are advised to follow a buy-on-dips strategy, particularly while monitoring the 400-422 resistance zone for signs of sustained momentum or potential further rallies if these hurdles are overcome.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 356 | 377 | 385.8 | 400 | 422 |
Gold Price Forecast for Next Week: Get the latest prediction for gold prices to guide better investment decisions.
Crude Oil Price Forecast for Next Week: Explore the anticipated price range for crude oil in the upcoming week.
Silver Price Prediction for Next Week: Stay informed with next week's forecast for silver prices to track market trends effectively.
Copper Price Forecast for Next Week: Prepare for the upcoming week with valuable insights into copper price movements.
Indian stock market prediction for next week
Prediction given by Technical Research Team - Choice

What is stock market index ? Understanding each aspects of what are indices in trading, types, how to use & more only at Choice.


