Natural Gas MCX Technical Outlook

Natural Gas closed at 152.30 down by 3.80 paisa yesterday after positive inventory data released by EIA which came 47B up by 27B against 20B prior. Yesterday’s fall was supported by 100-EMA and ascending trend line at 149 otherwise it could lead further losses. immedaite resistance seen at 160 continue trading above this leve would signal recovery in this counter. support will remain at 149 breach of support would offer 142-137 as primary targets. recovery above 160 would signal resumption in uptrend and for likely targets 190-220 in short term

Supports: 149/135

Resistances: 161-184

Recommendation: buying natgas above 161 for targeting 190-210-225 with stop loss below 154 might be appropriate.

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