Sell Natural gas Below 520 SL Above 535 TGT 500/490 - Axis Securities
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Natural gas
MCX Naturalgas opened sharply lower with a downward gap, however buying support at lower levels recovered some of the earlier losses. The chart pattern suggests that if Naturalgas breaks and sustains below 520 level it would witness selling which would drag It towards 500-490 levels. Important resistance for the day is placed at 535.
SELL NATURALGAS BELOW 520 SL ABOVE 535 TGT 500/490
Copper
MCX Copper opened with a downward gap and selling pressure aaa throughout the session. The daily p80 strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. Copper continues to remain in a downtrend in the short to medium term, so selling on rallies continues to cap be our preferred strategy.
SELL COPPER BELOW 732 SL ABOVE 737 TGT 725/722
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