Natural Gas 26 th dec 2017 Price on 15 th dec - 166.90
Daily Support and Resistance
Resistance- 173.10, 179.20, 189.00
Support- 163.30, 159.60, 149.80
Technical View: Natural gas markets collapsed during the week, breaking below the vital Rs 169 level. In fact, as we close the market for the week, we were below Rs 167 as well. If we do bounce from here, we could rally quite significantly, perhaps as high as Rs 211 level. Because of this, As we can see that the weekly candle at the end of this week will be very important. In fact, longer-term trades should probably wait until we get this weekly candle.
If we get a weekly close below the Rs 163-164 level, it’s likely that the market will completely fall apart at that point. If we get a bounce or a hammer, something along those lines, then I think it’s very likely that we return to the mean, which is much higher.
Fundamental Views: According to a Report- Natural gas demand in Europe is 12 percent lower than it was 10 years ago. Chinese and Indian demand continues to grow, but the dramatic gains by solar power and wind, where costs have fallen 85 percent since 2009, have severely limited the prospects for natural gas as a power source. Last week, Energy Information Administration (EIA) data showed that natural gas inventories rose to 3,695 billion cubic feet in the week ended Friday, 1 December, beating expectations.Analysts last forecast that natural gas inventories would drop by seven billion cubic feet.
Recommendation: Buy and Accumulate Natural Gas 26th dec 2017 around 165 If it takes a bounce back near level of 163.50 for the target of 205-220. But if it sustenance below the level of 163 then we can see a long bearish rally up to 154-146 level.
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Fundamental Views: According to a Report- Natural gas demand in Europe is 12 percent lower than it was 10 years ago. Chinese and Indian demand continues to grow, but the dramatic gains by solar power and wind, where costs have fallen 85 percent since 2009, have severely limited the prospects for natural gas as a power source. Last week, Energy Information Administration (EIA) data showed that natural gas inventories rose to 3,695 billion cubic feet in the week ended Friday, 1 December, beating expectations.Analysts last forecast that natural gas inventories would drop by seven billion cubic feet.
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