MTECHTIPS MCX NATURALGAS SELL 184-185 STOPLOSS 190 TGT 180 TGT 178
MTECHTIPS MCX NATURALGAS WEEKLY trading analysis 28-05-2015
Mcx ng future last closed at 183.7 with loss. on daily chart, mcx natural gas future price trend is bullish but momentum is long out o profit booking. ng is heading towards major averages to test them. on downside 181 is 1 month average while 178 is 3 month average level. on upside 190 and 195 will remain as top resistances. daily chart macd is with round top corrective pattern. rsi is heading towards 50 with bearish divergence and cci is at 42 with bearish divergence.this week, natural gas closed with loss. this week closing comes below major averages with bearish divergences on chart. suggesting primary trend might resume and long term downside rally for commodity might continue ahead. this week, ng high was at 198 while low was at 183. total 15 rupee or 8% weekly swing and closed with loss. weekly chart price and indicators pattern suggest medium term sell signal with stop loss 200 for downside targets of 160 to 150.for next week, below 184 keep short view for price target 170 and then possibly 161. if sustain above 184 then upside up to 192-195 is possible. 200-210 is major resistance band from historic view above it expect rally in prices for this commodity.