Sell Natural Gas Below 573 SL Above 582 TGT 560/555 - Axis Securities
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Naturalgas
MCX Naturalgas opened sharply lower with a downward gap and selling pressure throughout the session. The daily strength indicator RSI] is moving downwards and is quoting below its reference line indicating negative bias. Naturalgas continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
SELL NATURALGAS BELOW 573 SL ABOVE 582 TGT 560/555
Crudeoil
MCX Crudeoil opened sharply lower with a downward gap and extended selling momentum in the first half. The chart pattern suggests that if Crudeoil breaks and sustains below 6640 level it would witness selling which would drag the price towards 6500-6460 levels. Important resistance for the day is placed at 6800.
SELL CRUDEOIL BELOW 6640 SL ABOVE 6740 TGT 6500/6460
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