MCX Natural Gas

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MCX Natural Gas daily continuous chart

MCX Natural Gas hourly chart


From daily chart, the energy commodity is set to move towards its immediate resistance after a surge is price from near about 110 levels. Daily RSI is above the center line which is a positive sign and can move higher towards overbought territory.

As per hourly chart, prices have retraced near about 50% of the previous up move (115-144.5) after that it re-entered the falling channel and it is set to move higher from current levels. The immediate resistance stands at 145 levels.

From Wave theory, NG has completed wave b on the lower side and wave c on the higher side has already started which can move near till its previous high.

The summation is prices are set to move higher near till 145 levels with support at 130, the bias is positive.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Axis Mutual Fund
16 July 2020 at 15:18
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