MNG1! trade ideas
Natural Gas - Disjoint channel patternPrice formed disjoint channel pattern and currently trading near the important support levels. One can absorb that the price is falling big and retraces to fall big and then again retraces - this is the pattern running through in this script. As the price is trading near the important support level one can wait for the price to move away from this place and initiate the trade accordingly.
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Short Natural Gas for a target of 2.137A 38.2 % Fibonacci retracement suggests the chart to reach 2.137.
Short below 2.414 for a target of 2.137 and Stop loss of 2.465
INTRADAY BUY ENTRY LEVELIT CAN BE ENTERED NEAR 211.8 LEVEL WITH 210 AS SL, TARGET AS COMFORT AND WITH TRAILING STOP
Natural Gas, Next Major Support too far awayNatural gas if stays below the tendline can retest it's previous lows. Keep an eye
Descending triangle breakout and base formation, Buy above 227.5Descending triangle breakout and base formation, Buy above 227.5
T1- 230.5
MCX Natural Gas Long-Term Outlook - Target 300+According to this chart, MCX Natural gas is further advance. We may see the following levels after a reversal.
Targets: 234.6 - 263.9 - 305.6
Intraday traders can run with 20 & 50 MA crossover. And long-term traders should stick with 200 MA to maximize profits.
Significant releases or events that may affect the movement of natural gas on Wednesday, Oct 28, 2020 :
02:00: U.S. API Weekly Crude Stock
20:00: U.S. Crude Oil Inventories
20:00: EIA Weekly Refinery Crude Runs
20:00: U.S. Crude Oil Imports
20:00: U.S. Cushing Crude Oil Inventories
20:00: U.S. Gasoline Production
20:00: U.S. Heating Oil Stockpiles
20:00: U.S. Gasoline Inventories
