Natural Gas: Showing Bullish Potential

This is the daily chart of #NaturalGas MCX which has closed at 202.30.

Observation: recent #corrective move had taken place in a #falling #wedge formation which later resulted in a #bullish breakout. Recently this commodity is attacking at #psychological ceiling near 202 and at the same time it has established a move above 10 days SMA which is also sloping upward suggesting a bullish environment for this commodity. Staying long can be a good #strategy as long as price manages to hold above 10 days #SMA which stands near 193. #MACD is near centre line and price stability above 193 will bring a positive cross on this indicator which will confirm bullish trend and momentum for coming days. Approaching winter season will also be a supporting factor for bullish expectations.

Assumption: Dips towards 198-196 can be used for longs with stop of 193 for targeting 212-217-228 in near term .

Hints: I have used trend line to observe market structure. 10 days SMA is used to observe trend and MACD indicator is used to get further confirmation for development of fresh bullish momentum.

Join our pro trading course and let the market tell who we are... For more details write me to sunirathi@hotmail.com

Comments

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Nifty has given 40% Returns from March lows; Whats next are we ready for a decline?

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

LET THE MARKET TELL WHO WE ARE

Search This Blog