MCX Natural Gas and Elliott Wave Analysis

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 MCX Natural Gas daily chart

Analysis

From the above chart, prices are moving in a sideways pattern, where prices are moving in a stiff range of 200 on the lower side and 230 on the higher side. As far as prices persist in this range the bias remains sideways. The broad range could be 170 on the lower side and 250 on the higher side.

In the stiff range, any move above 230 can take prices near to 250 levels. A deeper correction cannot be rule out either.

As per Wave theory, prices are moving in a sideways trend and can open double correction (a-b-c-x-a-b-c-) or a flat (a-b-c)

The summation is MCX Nat Gas is expected to remain in a broad range of 170-250 levels. However, from current juncture, there can be an attempt towards 230-250 price range.

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