MCX NATURALGAS: Natural Gas prices are trading in a Downward Channel forming a series of lower highs and lower lows. At the same time prices have been taking a good support around 210-211 zone since last three months and if the support is breached we will see a sharp fall in natural gas prices all the way to the its immediate support levels of 195-190 zone. Oscillators like MACD are in a negative territory and, RSI too resisting the falling trend line which supports the downward trend. Outlook: We expect the Natural Gas prices may see a bounce back of Rs 4-5 in the coming days but in the short term we should use every rise as a good selling opportunity. We recommend selling Aug Contract between Rs 216-20 with a stop loss below Rs 232.5 on a daily closing basis for the target of Rs 195-190 in the coming weeks.
Posted on: Tue, 16 Jul 2013 04:28:12 +0000
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