As can be seen from the chart, MCX Natural Gas has done a descent correction recently. It has retraced 61.8% of the previous rise. From that key Fibonacci level, the gas has entered a pullback mode. In the last session it has formed a bullish belt hold candle.
Thus, the bullish candle’s low of 196.40 will act as a strong support. The daily momentum indicator has started a new cycle on the upside from the oversold line. Thus, natural gas has a potential to move up till the upper channel line 223.