Hello Friends, here we had shared possible Elliot wave counts of NaturalGas on weekly time frame to daily, 4hourly and hourly time frames which seems aligned with each other, so the conviction increases.
Well, on weekly time frame it seems that post impulse move, currently we are unfolding correction which is already at werge of completion, after A,B we are now in...
Levels:
Support: 200, 190, 175, 150, 120
Resistance: 220, 235, 250
OI Data (24rd March Expiry):
Nearest Major Resistance per OI data: 220
Nearest Major Support per IO data: 200
Trade setup:
1. In the chart, clearly marked which is the No-Trade, which is the BUY and which is the Sell zone.
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Trade | Level | SL | T1 ...
Levels:
Support: 180, 150, 120
Resistance: 200, 220, 235
OI Data (21st Feb Expiry):
Nearest Major Resistance per OI data: 200
Nearest Major Support per IO data: 200 * interesting *
Trade setup:
1. Setup: Bearish
2. 200 is the make-or-break level for this Thursday expiry. (It has 7k Call and 4.2k Put)
3. If it stays above 215-220, there will be short...
Levels:
Support: 200-190
Resistance: 220, 230, 250
OI Data (21st Feb Expiry):
Nearest Major Resistance in NG per OI data: 220, 230, 250
Nearest Major Support in NG per IO data: 200
Trade setup:
1. Looking at the OI data, most likely range-round is: 200-250
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Trade | Level | SL | T1 |...
Levels:
Support: 150, 120
Resistance: 250, 290, 310, 330
OI Data (21st Feb Expiry):
Nearest Major Resistance in Crude per OI data: 220
Nearest Major Support in Crude per IO data: 200
A new impulsive structure has emerged from the low of 265.5 in natural gas. Price has accomplished wave (5) and started the zigzag correction at 801.
Currently, Natural gas is forming sub-wave 5 of impulsive wave C. Natural gas has also broken down 200 EMA and the base channel of 2 – 4 wave, which signals bearish momentum. It has faced strong support of ...
Natural gas has completed the impulsive cycle at 801 and started collapsing to form the corrective process. In this corrective cycle, the price has accomplished the corrective wave B and started constructing wave C of normal zigzag correction.
There are two reversal points for natural gas:
1) Wave C can occur near wave (4)
2) wave C can accomplish its...
In our previous article, we discussed impulsive wave C and its continuation. On 20 January 2023 , Price achieved our all given targets.
Click here -
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Timeframe :
MCX Natural gas has accomplished the corrective wave B and started falling for impulsive wave C. Price has given a reversal from previous wave C,...
Natural Gas
Reversal at 300 levels
Downtrend Reversal observed
Near 20 and 50 EMA crossover
Resistance level - 318, 350, 400
Final Target of 400
SL - 300
This chart is only for educational purpose
Levels:
Support: 430, 400, 380, 350
Resistance: 450, 500-520, 550
OI Data (23rd Jan Expiry):
Nearest Major Resistance in Crude per OI data: 450
Nearest Major Support in Crude per IO data: 400
Trade setup:
1. Looking at the OI data, most likely range-round is: 400-500
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Trade | Level | SL | T1 |...
In Hourly chart, MCX Natural Gas (NG) is showing a positive divergence. It's clear.
The price is making lows, but the RSI is making higher low. Means price will go up to follow the RSI momemtum.
Max OI for Dec'23 expiry: 550 has max Call and PUT (2.5K total - that's pretty high in NG terms).
Trade Plan:
Expecting price will bounce back from CMP upto 560. Then...
Natural Gas, wave 2 of some lower degree is possible completed now, and now at same degree wave 3 may unfold next, with invalidation level of wave 1's low, which is pegged at $ 6.426
If it breaks low of wave 1 ($ 6.426) then it may be invalidate our current bias.
Most investors treat trading as a hobby because they have a full-time job doing something...
