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Natural gas losing steam

As can be seen from the chart, MCX Natural Gas has rallied smartly. It has been marching towards north in a channelised manner. The gas was stumbling near the previous high of 217.20. It managed to cross the high but is unable to build upon the gains. In the last session it has formed a bearish outside bar and is about to break down from the channel. The daily momentum indicator is showing a negative divergence and is in favour of the bears. Thus natural gas is in for a descent correction. Natural gas can fall till 210-202.50. The downside potential remains intact as long as the recent high of 234.80 holds.

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