Natural Gas Trade Setup
Updated
NATURAL GAS is now trading near 6.3 level which has acted as a strong support multiple times. The support has been highlighted in the Image in red circles.
If NG makes a rejection from 6.370 level and then gives a close above 6.840 we can initiate a BUY/LONG position with FIRST TARGET as 7.190, SECOND TARGET as 8.090 and THIRD TARGET as 9.630. STOPLOSS can be kept at 6.290. The Long position if initiated can give good R:R Ratio.
In other case if NG breaks the Key SUPPORT LEVEL OF 6.380 and manages to give a close below 6.210 we can look forward for SHORT side entry with a TARGET at 5.750. STOPLOSS can be kept at 6.600 .
( For the short side entry it is better to wait for a pullback or retracement).
Remaining Technical Analysis can be seen in the IMAGE
If NG makes a rejection from 6.370 level and then gives a close above 6.840 we can initiate a BUY/LONG position with FIRST TARGET as 7.190, SECOND TARGET as 8.090 and THIRD TARGET as 9.630. STOPLOSS can be kept at 6.290. The Long position if initiated can give good R:R Ratio.
In other case if NG breaks the Key SUPPORT LEVEL OF 6.380 and manages to give a close below 6.210 we can look forward for SHORT side entry with a TARGET at 5.750. STOPLOSS can be kept at 6.600 .
( For the short side entry it is better to wait for a pullback or retracement).
Remaining Technical Analysis can be seen in the IMAGE
Trade closed manually
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