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Natural Gas: Under pressure

In the recent past MCX Natural Gas (NG) broke the lower end of the larger channel multiple times and bounced back into the channel. However the magnitude of the bounce is decreasing each time. This indicates that downside pressure is building up. The daily momentum indicator also reveals the same. The recent bounce in NG faced resistance near the junction of the upper end of the falling channel (white), the 40 day exponential moving average (DEMA) and the daily upper Bollinger Band.Thus the next leg down is expected to start from the current level. A key resistance is Rs120. On the downside, the equality target is Rs100 with a potential to fall significantly.

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