MCX natural gas is trading with the wind. Positive economic outlook is pushing the futures in to bullish territory. The commodity is showing shade of bullish rallies, but there exists a doubt on the bulls...
MCX natural gas has been trading within the upward-inclined channel since the past two months forming higher tops and lower bottoms. The price has recently showing a breakout signal near 220 and channel resistances which could set off the price to 230. The 14-period RSI is currently pointing higher and holding well above the 50 mark indicates further bullishness.
As long as the price sustains above short-term support at 215 level and 230 remain as an untouched resistance, buying sentiments is seen for natural gas.
After collapsing to 200 levels, the commodity witnessed steady buying. The 20 day SMA crossover at 207 levels carried the prices in to higher levels.
Natural gas should remain around 215-230 or else it may decline to 200 levels. Breaching the 230 resistance channel could witness rally towards 240-245 range.
On charts, the commodity is showing bullish phenomenon. MACD and P-ROC (Rate of Change) is at bullish territory. RSI is positive.
Steady selling at 230 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX natural gas.
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MCX Natural Gas: The Shade Of A Bull
Published 08/23/2013, 07:39 AM
Updated 05/14/2017, 06:45 AM
MCX Natural Gas: The Shade Of A Bull
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