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Natural gas leaks through channel

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 couldn’t sustain in the higher territory. Ultimately, natural gas has broken down from the rising 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 199-192. The downside potential remains intact as long as the recent high of 228.20 holds.

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