Tuesday, 7 October 2014

Latest News on Natural Gas and Oil

MCX Crude oil Oct as seen in the weekly chart above has opened the week at 5,764 levels and as expected priced had rallied sharply towards the weekly high of 5,885 levels. In the mid of the week prices could not able to sustain on the resistance zone of 5,880 – 5,900 levels and corrected sharply towards the weekly low of 5,560 levels. In the week prices closed below the previous week’s closing of 5,775 levels and finally, closed 3.72% lower at 5,560 levels.

MCX Natural Gas Oct. as seen in the weekly chart above has opened the week at 248.10 levels and as expected in the starting of the week prices had rallied sharply towards the weekly high of 259.30 levels. In the mid of the week prices could  not able to sustain on the resistance zone of 259 – 260 levels and corrected towards the weekly low of 244.60 levels. In the week prices have closed above the previous week’s closing of 248 levels and finally closed 0.52% higher at 249.30 levels.

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