MCX Natural Gas Quarterly Chart View: Overall Bias Positive

Report for Date: 10/10/2016

MCX Natural Gas Quarterly Chart View: Overall Bias Positive

MCX Natural Gas (Price figures below are in Rs/INR per Kg)

The above chart is the quarter chart which appears to be moving higher for Wave (d) which is retracement level of the fall from 402.7 to 109.

The 50% and 61.8% retracement are placed at 253 and 293.

Support will be at 207-201-91 and 169.

Strategy

Accumulate on the correction in near term as Gas is potentially likely to scale to 253 at least.

Overall, Natural Gas prices have a positive bias irrespective of intra-day, intra-week and intra-month volatility.

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.