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Descending Triangle pattern in Natural Gas Futures

Short
MCX:NATURALGAS1!   NATURAL GAS FUTURES
This is a trend based analysis of Natural Gas Futures . NG price is looking bearish on MLY, WLY, DLY and 4H time frames. Further, a Descending Triangle pattern is emerging further confirming the Bearish bias. For the near term future, going short looks more profitable.

Indicators Used:
21 EMA & 55 EMA for identifying EMA crossover.

Trend lines at different timeframes.
Support - Resistance levels at different timeframes.

Disclaimer: This is shared as an idea and not a recommendation. It is a guesstimate of what the price may be down the line. Please use this for your further analysis and based on your own analysis and risk management initiate trades accordingly. I'm posting this as a means to further improve my knowledge and receive further knowledge from others.
Trade active: Price has moved down from 197 to 192.9 as on 10/03/2021 11:20AM

Can expect further price movement.
Comment: Watch out for breakout above trendline to close the position.
As long as the price does not break out, target of 185 is open.
Trade active: Price has reversed shaprly and closed below trendline.
Price can continue the down ward slide towards target.
Trade closed: target reached: Price has come very close to the target of 185. Considering some minor adjustments for calculation, closing the trade a little lower than target .
Closing at 185.6

Comments

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