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.
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