MTECHTIPS MCX NATURALGAS INTRADAY trading tips 05-06-2017

MTECHTIPS MCX NATURALGAS INTRADAY trading tips 05-06-2017
MTECHTIPS Mcx natural gas future in month of May closed at 198.6 with loss. This was first losing month for natgas prices after last 2 months gains. This month natural gas future recorded low at 198 while high was around 220. Total 22 rupee or 10% range and negative closing on strong profit booking. For month of June 2017, mcx natgas future outlook remain bearish below 205.6 resistance level. Daily chart price pattern and indicators are suggesting downtrend and large downside for gas prices. Below 205.6, mcx natural gas will remain sell on rise and expect positional targets around 191 and then 184. If breakout happens above 205.6 on daily closing basis with strong price action and on volume then expect short covering rally up to 213 to 227. Energy Commodity traders below 205.6 keep selling view with stop loss above top of 209 rupee and keep targets at 191 and then 184 for month of June 2017. From long term view, natural gas future given bearish breakdown below 208 rupee level and now heading towards 152 rupee long term target..
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