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Technical Analysis
Natural Gas Weekly Technical Outlook 28.07.2014
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28 July, 2014, 3:18 PM
Natural gas July contract inched 10.70 rupees down to settle at 227.10. We have seen a major trend line violation in this commodity and now commodity is heading towards next barrier for bears that stand near 220 zones. 10 weeks SMA has fallen below 20 and 50 weeks SMA and 20 weeks SMA is also crossing under 50 weeks SMA indicating weakening. MACD had given bearish cross and now it’s falling below signal line provide strength to bears. Stochastic has reached in oversold territory and hints a possible recovery to offload oversold reading. Price objective for bears is now placed at 225 any failure below this level would bring 222-218 on cards. Areas of 214-218 are expected to remain key support and a recovery is likely from those levels. Immediate resistance is now seen near 238 any sustained move above that level may bring some change in current down trend and metal may confirm some recovery.
Natural Gas trading range for the week is expected among the key support at 220 and resistance at 236.
Recommendation:
This week buying Natural gas August contract among 222-218 with stop loss below 210 for targeting 240-250 might be appropriate for short term.
In alternative scenario buying natgas august contract above 236 with stop loss below 232 for targeting 240-244 and more upside might be appropriate.
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