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Natural gas Trendline break

MCX natural gas is moving up in a channelised manner. It had started a move on the upside from the lower channel line. However, in the last session it has broken a rising trendline. The daily momentum indicator that was showing a negative divergence has triggered a bearish crossover. Thus, the gas is in for a short-term correction. Unless the high of 192.4 is crossed, it is expected to test the key daily moving averages, ie 170.

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