MCX Natural gas Struggling at Strong Support
Updated
On the chart above, we have plotted three different MAs on the 1-hour chart of MCX Natural gas futures. As you can see, the 62 MA is indicating a downtrend ahead. And 5 MA & 30 MA are crossing each other for a reversal. This reversal can be for 174 to 180 levels.
But according to the support & resistance trendline, we may see continue price collapsing.
I have also highlighted a support area with green color. Particularly from this point, it's taking a u-turn.
For safe traders, short positions can be initiated after 170 levels.
Targets: 167.6 - 165 - 162.6 - 160
But according to the support & resistance trendline, we may see continue price collapsing.
I have also highlighted a support area with green color. Particularly from this point, it's taking a u-turn.
For safe traders, short positions can be initiated after 170 levels.
Targets: 167.6 - 165 - 162.6 - 160
Trade closed: target reached
All targets of NG has come.
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