

NYMEX Natural Gas extended its bullish momentum for another strong week, surging +10% as prices regained strength after the brief profit-booking phase seen in previous sessions. The contract found firm support around $4.40 and steadily advanced to close the week at $4.80, reflecting sustained buying interest. The broader uptrend remains intact, supported by tightening supply expectations and seasonal demand strength heading into the winter period.
MCX Natural Gas December contract rebounded sharply after taking support at 394, aligning with the 200-DEMA, and gained +37 points over the week. Prices registered a weekly high of 430.2 before settling at 425.7, now trading firmly above all key moving averages — the 20-, 50-, 100-, and 200-DEMA positioned at 404, 394, 385, and 382.60 respectively. However, the weekly 100-EMA at 435 may act as a near-term hurdle as prices approach the upper end of the rising channel structure. The rise was supported by an increase in open interest of about 8,000 lots, indicating fresh long positions being added amid the bullish price breakout.
The RSI on the daily chart is seen near 61, reflecting improving momentum while staying below overbought territory. The MACD maintains a bullish crossover with rising histogram bars, signaling strengthening trend continuation. Volume participation remained healthy throughout the week, validating the breakout above the short-term trendline and suggesting strong demand absorption even at higher levels.
Overall, the trend for Natural Gas remains positive, and traders may continue to adopt a buy-on-dips approach. Price action around the 394 support and the 435 resistance cluster will remain crucial for confirming sustained upward momentum in the coming sessions.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 394 | 410 | 425.7 | 435 | 455 |
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