2:30 PM
alphaadvisory
MCX Natural gas February had a
bearish week as the indicators show a negative trend in the oversold
territory. The slight recovery seen in the last week has been destructed
by the international issues. It may witness a bear impact in the near
term.
The descending triangle pattern in the February contract implies the bearishness to be witnessed in the near term. The observance at lower levels implies that MCX Natural Gas will impact the all time low of 172.50Rs/mmbtu. The low volumes and investors standing in the sell position are reflecting the current trading sequences.
NYMEX Crude Oil was also trading in the lower levels. It closed at 3.308 $/mmbtu. The weather forecast has impacted the international market in a bearish manner.
The 20 day SMA crossover at 181.50, thereafter the commodity was under pressure. The MACD at -2.74, RSI at 35.82 has weak trend going on. The slow stochastic oscillator and low momentum oscillator implies that Natural gas February contract will stand on bearish for a week. Investors should enter into a short call on a position below 175.37 Rs/mmbtu.
S1: 175.80 S2: 175.40
R1: 176.80 R2: 177.40
Trend: Bearish
The descending triangle pattern in the February contract implies the bearishness to be witnessed in the near term. The observance at lower levels implies that MCX Natural Gas will impact the all time low of 172.50Rs/mmbtu. The low volumes and investors standing in the sell position are reflecting the current trading sequences.
NYMEX Crude Oil was also trading in the lower levels. It closed at 3.308 $/mmbtu. The weather forecast has impacted the international market in a bearish manner.
The 20 day SMA crossover at 181.50, thereafter the commodity was under pressure. The MACD at -2.74, RSI at 35.82 has weak trend going on. The slow stochastic oscillator and low momentum oscillator implies that Natural gas February contract will stand on bearish for a week. Investors should enter into a short call on a position below 175.37 Rs/mmbtu.
S1: 175.80 S2: 175.40
R1: 176.80 R2: 177.40
Trend: Bearish
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