Natural gas prices at MCX are trading with a bearish rally to 200 levels. Short rallies didn’t favoured natural gas bulls. According to the experts, natural gas is climbing down the hills!
The commodity has twice failed at 230 levels and retreated to 215-210 range. It witnessed another sell off at these levels and crashed to 205 levels.
Natural gas is following a bearish flag pattern, breaking these levels may witness steady decline to 190-180 levels. Traders are advised to stay on the selling side and observe short term variation in natural gas.
The trend-line remains at 205-200 levels. Breaking 200 levels may witness steady decline to 190 levels. Support is seen at 200, 190 levels and resistance at 220 & 230.
On charts, natural gas is showing mixed picture. MACD is negative and P-ROC (Rate of Change) is at bearish territory. RSI is in sideways.
‘200’ remains as a psychological level; gains at this level may witness slight uptrend in the near term. The overall trend remains bearish for MCX natural gas.
MCX Natural Gas August Trend: Bearish
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MCX Natural Gas: Climbing Down The Hills!
Published 08/04/2013, 02:21 AM
Updated 05/14/2017, 06:45 AM
MCX Natural Gas: Climbing Down The Hills!
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