Natural gas can fall to Rs 204.5-198: Sharekhan
Sharekhan has come out with its report on Natural Gas. According to the research firm, it has a potential to form a double top pattern. Once the lower channel line of Rs 211 is broken, it can fall till Rs 204.5-198.
March 26, 2013 / 18:40 IST
Sharekhan has come out with its report on Natural Gas. According to the research firm, it has a potential to form a double top pattern. Once the lower channel line of Rs 211 is broken, it can fall till Rs 204.5-198.
Natural gas hits a stumbling-blockAs can be seen from the chart, MCX Natural Gas has rallied smartly. It has been marching towards north in a channelised manner. However, it has recently hit a stumble block. It made an attempt to cross the previous high of 217.20; however, it couldn’t sustain there. The daily momentum indicator has given a fresh sell signal.Thus natural gas has a potential to form a double top pattern. Once the lower channel line (211) is broken, natural gas can fall till 204.5-198. The downside potential remains intact as long as the recent high of 218.90 holds on a closing basis.
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