Natgas Seasonal Demand May Move Prices Higher

Above is 5 years weekly chart of Natural gas MCX. Aw we can see clearly in chart provided above commodity is getting support near 2011-2012 highs that are stand in the zones between 222-218. Commodity is holding well above 10 and 20 weeks SMA lines whereas 20 weeks SMA is also above 50 weeks SMA hints a bullish environment in this commodity. Prices are getting good support near rising trend line and 50 weeks SMA. 14 Periods RSI is also above 50 favouring bullish environment. Fundamentally winter season is considered good for demand prospective which is also a bullish factor for this commodity.

Recommendation: Buying Natural gas among 230-225 with stop loss below 215 (closing basis) for targeting 270 and more upside might be appropriate in 1-3 months.

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