MCX Natural Gas: Neo Wave Diametric and follow up action

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Natural Gas Daily chart (Continuous)



From the above chart of Natural Gas, it is very clear that prices are moving down decisively by breaching its previous day low. Yesterday, Nat Gas made a low of 176.2 and closed near to the low at 177.10.RSI has fallen sharply and it is inching towards the oversold zone.

From Wave perspective, after completing wave b in a bow and tie diametric, prices are currently moving down in form of wave c which is impulsive in nature. In wave c, prices are in the last leg i.e. wave v. Wave i of wave c was extended so there are high chances that wave v can 61.8% of wave iii which comes to 172-170 levels.

In short, Natural Gas is expected to tumble near till 172-170 price zone over short term.

Comments

Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful.
Indsil Hydro Power and Manganese Ltd

29 July 2020 at 16:26
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