Natural Gas (MCX): Week of 05/12/2022In 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 will again retest this 550-535 zone and may consolidate there.
Trade:
Buy zone: On breakout of 560, SL: 540, T: 600
Sell zone: On breakdown of 530, SL: 550, T: 500
