The prices of natural gas were trading between Rs 184.60 to Rs 174 levels over the past few sessions of trade.
But as outlined in the chart above, the price of natural gas have registered a strong breakout above its downtrend line which had been acting as stiff resistance.
Some of the other key technical factors that confirm the validity of the breakout are the strong surge in volumes and the fresh buy signal given by the MACD indicator.
The key moving average clusters will also provide good support for the price of natural gas on pullbacks.
All the above mentioned technical factors point that the price of natural gas will trade with a
positive bias over the upcoming few sessions.
We recommend traders to buy on dips between Rs 187.75--Rs 186.50 levels with a stop loss placed below Rs 184.30 levels for upside targets of Rs 191 / Rs 194.50 levels expected to be achieved over the upcoming 3-4 sessions of trade.
No comments:
Post a Comment