In our Commodity Samachar/Commodity News, we clearly indicated to buy Natural Gas above 275 levels for the upside target of 05. It made a high of 302.90 and settled around 302.00. On the other hand, Crude oil spurt unexpectedly and formed a Dragonfly Doji pattern on the weekly chart.
Natural Gas… Buy on decline
A fresh breakout has given above 284 levels and chances are bright that the Natural gas rally is likely to continue next week too.
Close above 305 will take Natural Gas to 318—326 and then to 337 levels in days to come.
A long-legged candle formation on the weekly chart suggests traders for fresh buying in Natural gas at lower levels.
Any sharp decline till 290–284 will be the best buying opportunity with a stop loss below 260 on a closing basis for the upside target of 318—326—337.
Our positive view gets negate on a close below 260 levels only.
Crude oil… Be cautious at higher levels
Crude oil has support at 5315 and resistance at 5380—5500.
A decisive close below 5315 will take it to 5170—5130 and then to 5050 levels in days to come.
Traders could get a good buying opportunity in Crude oil around 5050 levels.
Above 5380.. it could test 5440 levels.
Decisive close above 5440 will see more upside rally till 5500—5580
Trade safely and be cautious at higher levels as correction is likely to take place in the next week.
More we will update during market hours.