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MCX Natural Gas Approaching Crucial Resistance level

MCX Natural Gas Approaching Crucial Resistance level

Adjacent weekly chart shows price movement of MCX Natural continuous contract. The rise from the low of 162.50 is overlapping i.e. corrective move. On the way up, 40 DEMA and Upper Bollinger Band, currently pegged at 180.20 and 180.90 respectively, will act as crucial resistance zone. If it breaches above resistance zone then the pullback can extend higher towards 182.40 – 188. However, if Natural Gas breaks the crucial support level of 173.40 then it can drift lower to 170.20 and subsequently to 162.50. The daily momentum indicator has turned bullish.
 
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