Natural Gas is looking good to go long as per wave structures suggesting impulse to unfold, with invalidation levels of $ 6.725.
RK's mass psychological cloud is also suggesting positive ahead, along with macd positive support.
Natural gas had given trendline breakout along with good intensity of volumes on hourly chart.
After positive divergence, breakout with...
NATURAL GAS FUTURES
An ascending triangle is a technical analysis chart pattern that occurs when the price of an asset fluctuates between a horizontal upper trendline and an upward-sloping lower trendline.
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...
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...
NATURALGAS has almost completed wave B of wave 2, possibly next wave C is ready to start unfolding soon, which can be confirmed by breaking support trendline, which could be aa good trigger point, Once it breaks support trendline then it can slide towards south directions near $ 7.500 zones, where wave C can complete equality with wave A.
Negative divergence in...
After sharp fall from top of the wave 5 or we can say top of June month, it has fallen in five subdivided pattern as a wave A, which clearly shows that correction is in zigzag pattern, we all know some basic rules for zig-zag correction, that it comes in three subdivisions like A-B-C, and wave A always subdivides into an impulse or leading diagonal, and wave B...
Natural Gas go hand in hand both in international market as well as Indian market. Here we present natural gas Elliott Wave Analysis. It is showing a 5 wave decline as wave A and again will go up for a three wave B, then again come down in a C wave.
You can correlate this chart with MCX Natural gas. Both are the same. Hope it will enlighten your commodity...
Since 06-OCt Natural Gas is in a corrective move and is forming a Flat In Black ((A)) ((B)) ((C)).
It seems in formation of Last leg (5) Blue down as indicated in chart this will complete correction and one can look for BUYING opportunity for long term.
However to encash the smaller move in Wave (5) blue we have initiated a sell position with stop loss @ 4.045...
Strategy : Sell on rise near green price line...
Bears active below red price line....
trading levels marked and well defined...
Happy Trading.....
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Buy Natural Gas
Closing Price - 238.9
Buy 1 Lot At Cmp
Add Another Lot If Price Drop To 230-232
Strict SL - 219.7 (Day Closing Basis)
Target 1 - 278-280
As a retailer you would have been probably stopped out below the support that i have marked below as a blue line.
In reality it was a well planned move to the upside.
Midterm forecast:
While the price is above the support 1.400, beginning of uptrend is expected.
We make sure when the resistance at 2.250 breaks.
If the support at 1.400 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
The RSI bounced from the support #1 at 30 and it prevented price from more losses.
While the RSI...
Midterm forecast:
2.200 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 2.200 is broken.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would...
