MCX Natural Gas Trend : Short-Term Bullish
MCX Natural Gas has been trading negatively for the past six months, forming lower tops and flat bottoms resisted by downward-sloping trend line R. The price is currently showing some bounce back from the major support line of Rs.170. The 14-period RSI is also showing some divergences and heading north which indicates that the short-term momentum is bullish.
Hence a test of long-term resistances line (R) is possible in the coming 2-3 weeks and buying natural gas on dips would be the advisable strategy.
Trading Strategy
Buy MCX Natural Gas around 175-176 level, with the stop loss closing below Rs.168 level for targeting Rs. 190–195.
Hence a test of long-term resistances line (R) is possible in the coming 2-3 weeks and buying natural gas on dips would be the advisable strategy.
Trading Strategy
Buy MCX Natural Gas around 175-176 level, with the stop loss closing below Rs.168 level for targeting Rs. 190–195.
