Buy NATURALGAS -Oct @245.8 add in dips till 240, Tgt 275-292 with SL 230.7 By Choice Broking Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Recently, there has been a consolidation in the price of Natural gas. If particular resistance levels are broken, the price of Natural gas may increase even more in the subsequent session.
Natural gas futures are moving in an Ascending Triangle pattern on the Daily chart, where a Horizontal line provides resistance. Price has recently approached this horizontal line, and a breach of this resistance might pave the way for a rally towards the next resistance of 290 levels. It is critical to pay close attention to this point since it represents a critical resistance level. Price action also indicates consolidation near the area of resistance.
Zooming in on the hourly chart reveals a strong consolidation in the form of a Rectangle pattern,
as well as a clear breakout of a significant moving average, such as the 50 EMA. This huge
break shows that the bullish trend has significantly strengthened, encouraging confidence.
Technically, there was a recent Bullish crossover in the MACD on the Daily chart, which was followed by a Bullish histogram. This crossover raises the possibility that the bulls are gaining momentum. Additionally, the RSI for the Daily chart is above 60, indicating a bullish market trend.
The price of Natural gas is expected to move in a bullish direction based on the technical
indications discussed above. In the following sessions, traders should seek for long chances with a target of 275-292.
Above views are of the author and not of the website kindly read disclaimer
