MTECHTIPS MCX NATURALGAS trading analysis 01-06-2015
Mcx ng future on last trading session closed at 169.8 with loss. on daily chart, natural gas short term price trend and momentum both are down. natural gas is trading below all short term averages with bearish divergences on indicators. on upside, 178 is natural gas 3 month average level and 180 is 1 month average level. on downside 160 and 150 are support zones and possible short term targets for this commodity. on indicators side, daily chart macd is above zero but with bearish divergence. rsi is at 34 and cci is at –170 and oversold. traders here watch 169 levels below it they can open fresh short positions for targets 160 and then possibly 150. reversal from here means upside target of 184 once again.
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