Natural Gas Technical analysis

Natural gas March contract on mcx currently trading at 139.70, symmetric triangle has appeared at the lower end of current bearish swing breakout above 143.20 would offer 148.30- 160- 172 as target for this move. 14 periods RSI above 50 line supporting bullish expectations. Prices are currently moving between short term and midterm moving average and taking support at short term moving average that is around 133 consolidations above midterm moving average that is around 142 would signal a bullish move for retest of long term moving average that is around 176. For this bullish view 133 will remain key support in case of failure of this pattern 143.10 area will turn in to strong resistance zones and fall till 125.20-117.50 can’t be ruled out. Today inventory expectations are -146B that is also supportive for bullish view.

Recommendation: buying around 135-137 for targeting around 148-160-170 with stop loss of 133 on might be appropriate daily closing basis.

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