Sharp Fall is Expected in Natural Gas. As it has taken resistance at rising trend line on Weekly Charts.
Historically NG forms Rounding bottom formation and now it completed its cycle.
see charts for detailed analysis about the forecast.
Natural gas range is default range is elevated to 3$, hence we can expect the same 3$ level from the current levels, patience is the key. Take calculated risk after deep analysis. as the liquidity is low at higher levels repeated Sl hunting will happen.Trade with cautious
This analysis is based on Breakout retest and Diversion in Price and RSI
I have seen this 1 hr of time frame whenever diversion is there after breakout a consolidation will happen
and same thing might get repeat here so small correction and then distribution will get start.
Upside is limited.
Commodity are cyclic in nature.
Target would be below 370
It's the analysis of MCX NATURAL GAS. It forms a Cup and Handle. It gave a breakout with conformation.
When it forms a cup and handle, wait for the conformation with Indicators. Also it gave good breakout from a trendline.
Comment your opinion about my analysis...
Natural gas has given breakout from ending diagonal pattern with good intensity of volume,
one can go long at these levels or in dips (if any) with stoploss of 283 for targets of 295, 302, 308 and 313
macd positive croosover