MCX Natural Gas may show negative phenomenon for the week. Natural Gas is now trading around 28825-29767 levels for the week.
The bullish flag pattern from February continues as favourable fundamentals have withheld the prices. Steady decline to medium levels is expected if price crosses the flag range.
On charts, Natural gas is witnessing positive phenomenon. The commodity is trading well above the 20 day SMA at 185 levels. If commodity holds the flag pattern for the coming days, it may witness a bullish phenomenon throughout the week.
The Stochastic level recovered from overbought territory and is moving towards medium levels. MACD is positive and RSI at 59.80 has fallen to sideways. Rate of change oscillator (P-ROC) is sustaining its position at positive territory.
Momentum of the commodity is strong; hence huge deflections may occur in the near term. If it breaches 193 levels, decline to 188 levels is expected. Base support is now seen at 186 levels.
In Nymex markets, Natural Gas was in slight weak trend. The weakness in the rally for last 3 days may impact domestic prices. Nymex Natural gas closed at $3.434 levels.
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MCX NG Analysis: Retreating From Overbought Territory
Published 03/04/2013, 06:32 AM
Updated 05/14/2017, 06:45 AM
MCX NG Analysis: Retreating From Overbought Territory
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