LET THE MARKET TELL WHO WE ARE

Above is 5 years weekly chart of Natural gas MCX. Aw we can see clearly in chart provided above commodity is getting support near 2011-2012 highs that are stand in the zones between 222-218. Commodity is holding well above 10 and 20 weeks SMA lines whereas 20 weeks SMA is also above 50 weeks SMA hints a bullish environment in this commodity. Prices are getting good support near rising trend line and 50 weeks SMA. 14 Periods RSI is also above 50 favouring bullish environment. Fundamentally winter season is considered good for demand prospective which is also a bullish factor for this commodity. Recommendation : Buying Natural gas among 230-225 with stop loss below 215 (closing basis) for targeting 270 and more upside might be appropriate in 1-3 months.

Provided is the weekly line chart of NIFTY spot. Here I am using simple approach to analyse current market behaviour instead using much complicated Elliot wave or Harmonic patterns. As we can see classical multi tops are clearly visible on this chart near the areas of 6340. This time index did a high of 6342 on the auspicious day of Diwali during Muhurat Trading but wasn’t able to produce weekly close above the 6340 levels to confirm a clear breakout. On longer term time frame NIFTY has been consolidating among key support of 4700 and resistance at 6340 since 2009. INDEX was moving up with weakening momentum that can be seen on RSI oscillator. RSI was not able to hit its previous highs that were placed during the previous attempts towards 6330 zones and now hovering under 60 zones is a clear case of bearish divergence and indicates zone shift that may result in consolidation or trend reversal. Rising parallel channel is also drawn on the chart above but index turned back from previous...