Buy NATURALGAS-JAN @ 304.80, add up to 300, for the Target of 345.40, with SL @ 284.50 by Choice Broking Ltd
Buy NATURALGAS-JAN @ 304.80, add up to 300, for the Target of 345.40, with SL @ 284.50
Duration: 2 Weeks
Natural gas price has rallied downward since the beginning of December-25 and shown a signs of reversal from bottom levels in recent levels. MCX Natural gas January contract has closed at 305 in past session. NYMEX Natural gas future currently trading at $3.06/mmBtu.
Natural gas price has declined by nearly -41% from the peak level of 494.90 in past month, found the support at 288.30 and rebounded marginally. On 4-hourly chart, price has formed a Morning Star candle formation. Here, price is still trading below its key moving averages ie. 50, 100 and 200-DEMA levels. placed at 353 341 and 320.70 respectively. SAR on 4-hour chart placed at 288.30 which will be key support to look for.
Along with the price rebound from the bottom level, we can observe a rise in Ol levels to 29,200 lots which signifies a Long buildup from bottot, early sign of a bullish reversal RSI levels are seems to be exhausted and trailing below 45 levels on major time-frames. Furthermore, there is a convergence on Daily MACD along side declining negative histograms collectively suggests a bullish biasness in NG.
We are expecting further rise in Natural gas price towards expiry where traders may opt for Long opportunity for the Target of 345.40 with given Stop-loss level
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