Natural gas prices declined for most of the week under pressure from cooler U.S. weather forecasts, a larger-than-expected inventory build, and easing geopolitical tensions following the Israel-Iran ceasefire, which reduced supply disruption fears through the Strait of Hormuz. However, prices rebounded sharply on Friday as updated forecasts pointed to hotter weather across much of the U.S. in early July, reviving expectations of stronger power demand for air conditioning.
MCX Natural gas July contract has been traded negatively over the course of the week, however rebounded from the support low of 292.70 and managed to settle on a positive note at 319. Price has failed to breakout the support of 200-DMA level placed at 290.30 in past week and managed to close above 50 and 100-DMA levels placed at 309.80 – 306.90 respectively. Immediate resistance would be at 328 and breakout of this level will accelerate upward momentum in Natural gas price. Daily SAR is placed at 351. RSI levels remained around 50 level on Daily as well as Weekly time-frames.
In upcoming week, we are expecting moderately bullish trend in Natural gas price if price succeed to breakthrough the resistance level. Traders may look forward for Buy-on-dips opportunity in Natural gas.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
292.70 | 309.80 | 319 | 328 | 351 |
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