NATURAL GAS MCX Trading Tips Technical Analysis Chart Graph forecast- NG has formed double bottom formation also facing 38.2% fibonacci retracement resistance, will favor bulls once Natural Gas closes above 249. (Updated on 11th September 2014, Thursday).

NATURAL GAS (MCX)

• As per previous report published on Natural gas (MCX), NG moved up from support and test its resistance @ 248 as mentioned. (Click here to see previous report published on MCX NATURAL GAS).
• Now current technical chart no1 indicates that natural gas is facing strong 38.2%  fibonacci retracement resistance at current levels, as long as NG trades below trend will not be cleared, but if NG closes above its resistance @ 249 and holds above then will be in bulls grip for next few trading days and on upper side will find next resistance around 256 its 50%  fibonacci retracement.
• Intraday Tips - Close watch once NG starts trading above 249 during trading hours, if holds above 249 then intraday bulls action is expecting.
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• As per graph no2, Natural Gas has now formed double bottom formation, this indicates if breaks it on upper side then bulls may get active in NG and price improvement can be seen. NG breakout levels around 249.
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• As per chart no3, NG is facing 50 days moving average resistance at current level, as long as trades below bulls will not be favored as per moving average studies, but once Natural Gas closes above 50 DMA and holds above then bulls will be favored. Close Watch.
• As per weekly chart shown in graph no4, Mcx Natural Gas is stuck in a range bound zone, as long as trading in a range short term trend is not clear, but once Ng come out from its range then sharp movement is expecting.
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