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Natural gas heading north

As can be seen from the adjacent chart, MCX natural gas had broken out from a falling channel and achieved the channel equality target in September 2013. From there the commodity had formed a decent correction and retraced more than 66% of the previous rise. Natural gas found support near the intermediate channel line and has bounced thereon. The daily momentum indicator is in line with the rise. On the way up natural gas has crossed the key daily moving averages. The gas can once again hit the upper channel line, ie Rs241. The reversal can be placed below the moving averages, ie at Rs223 on closing basis.

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