LET THE MARKET TELL WHO WE ARE

Natural gas had witnessed a nice bullish attempt from low of 155.40 to high of 198.30 and then started consolidating in a symmetric triangle. Recently it has climbed above the down sloping trend line of this symmetric triangle. Prices are also getting support near 20 periods EMA. MACD has climbed above zero line and staying above its signal line that also hints positivity in this counter. 3 bar pull back setup is clearly visible on daily chart. Today natural gas is trading with positive bias after staying negatively biased for last 3 days. Recommendation: Based on the chart and explanations above buying natural gas around 182-180 with stop loss below 177.50 for targeting 195-205 and more upside might be appropriate in short term.

CMP $4.460 as per daily chart counter is moving in accending triangle and as per this triangle primary support is around 4.040 for this session if natgas hold to manage below this level then we will see a retest of 3.70 and 3.30 in coming days.. but 4.00 is looking a reversal point and it may act as good support and reversal from that area will confirm new highs for the year.. and may rally up to 5.22 and 6.00 till nov. dec. as per this triangle we can expect a retest of 4.26 that is support of resing trend line there trader can use 4.00 as sl if want to go long in this counter for tgt of 5.20-6.00 in comming days.. a break below 4.040 will completly neglact this bullish view