MCX Natural Gas May Take A Breather With Support At 196.40 Levels

Published 08/13/2013, 07:39 AM
Updated 05/14/2017, 06:45 AM

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.
MCX Natural Gas
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.

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