Technical Outlook & Trading Strategy:-
The price of Natural Gas has registered a bearish pennant breakdown on its daily charts after consolidating within a narrow range of Rs 197.80--Rs 188.50 levels over the past few sessions of trade.
The Bearish/ Reverse flag pattern breakdown is a continuation pattern and suggests that Index / stock or the commodity prices will continue with its downtrend and move down further after consolidating for a few sessions of trade.
The key momentum indicators are in sell mode and the prices are trading below their key averages.
Traders can look to sell between Rs 189.25—Rs 191.50 levels with a stoploss placed above Rs 195.25 levels and hold for downside targets of Rs 183 /Rs 180 levels.
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