Natrual Gas Weekly Chart Analysis

After a continues rally of 2 weeks from 3.696 to 4.499 yesterday good selling pressure seen in Nymex Natural Gas. But it has given a lovely breakout on weekly chart during previous week and successfully closed above that breakout level. In technical terms this types of breakout called falling wedge breakout. Yesterday good profit booking seen on upper levels 4.472 and low made 4.153 and closed at 4.187 near day low. I was expecting a correction till 3.920 in this counter before a new bull trend that has seen yesterday now buyers need not to go short in panic. As per this chart 3.780 looking good support and 4.200 is acting as a midpoint this is the 50% Retracement in terms of Fibonacci. Personally I am expecting a good bull trend in natural gas in coming days till 4.900 and 6.000 and seasonal demand in us will also support this technical view. Around 3.920 will be best buying those who want to enter in longs in Natural Gas.

If you have any query related to any trade (NYMEX, COMEX, CBOT, MCX) then forward me to sunilrathi1986@gmail.com it's free for all.

Comments

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

LET THE MARKET TELL WHO WE ARE

Search This Blog