Natural gas channel formation

NYMEX:NG1!   Natural Gas Futures
Description on the chart itself.

Happy trading

Comment: Hope one have taken the position at the time of post.

Downtrend have been limited @ 50% at 2.877 before reaching 61.8% area. However the current up move should take the NG1! towards 3.24. One can look for the target of 3.1 with the trailing stop of 2.877 which was our cost price.
Comment: price movement started from 2.877 (@MCX 192) and reached the high of 2.987 (@MCX 199) and started retracting towards 61.8% which will complete 2.917 (@MCX194.8). In case price hold at this level stay long or if you see price goes below the level exit the position with 2-2.5 rs profit.
Trade active: Book partial profit & Rest hold for the target 3.1 with the trailing stop loss of near 2.95.
Trade closed manually: Hi friends, Since I'm travelling i could not monitor so manually closing my call here.

Happy dasara


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