As seen above in the daily price chart of MCX Natural Gas August contract, the price was trading in a mixed trend since the last couple of days following the trend line but yesterday prices breached the trend line and is trading below it. At that point of time we noticed “Higher Volumes” which indicates the sentiments of mass towards downside.
On the above chart, we have seen that from last two days prices were trading in a bearish trend and formed the bearish candles. Prices are trading below its 5-Day and 20-Day EMA, indicating a short-term pessimism the market. On the oscillator front RSI falling and MACD is just entering in negative crossover, which indicates the symptoms of bearishness.
Strong Resistance in MCX August Natural Gas prices is seen at 231 levels. Support is seen around 211 levels and below that strong support is seen at 200 levels.
Looking at the Trend line breakdown with higher volumes coupled with oscillators indicates negativity we recommend a sell in the MCX August Natural Gas.
Positional Call (7-10 Days) - Sell MCX August Natural Gas between 217 – 222, SL - 232, Target – 201 / 196(CMP – 215.60)
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MCX Natural Gas: Strong Resistance At 231 Levels
Published 07/28/2013, 02:22 AM
Updated 05/14/2017, 06:45 AM
MCX Natural Gas: Strong Resistance At 231 Levels
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