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Natural gas technical outlook as per chart

MCX Natural gas August contract closed at 182.70 changed by 80 paisa. Natural gas again failed to sustain above key resistance of 190. On last Thursday inventory it witnessed sharp decline after positive inventory data and now it is testing 20 days SMA which is providing good support. Today support will be around 181-180 if sustain below this level next level will be 177-174 on chart. In Upper side resistance is around 185 if move above this level will bring to 191 any cross above this level will offer a retest to 197-203 zones.

In the bigger chart Natural Gas trading range for this week is expected among the key support at 166 and resistance at 200.

Recommendation: Buy on dips with stop loss

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