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MCX natural gas has given trendline a breakout after consolidating

As one can see from the adjacent chart, MCX natural gas has given trendline a breakout after consolidating between Rs225 to Rs230 range. The Expert Trend Locator turned positive as bars turned black from red and it has given close above the moving average band (6-high and 6-low). Parabolic Stop and Reverse valued Rs.228.60 is below the current market price and Relative Strength Index 61. The other technical observations are Stochastic valued 93 is overbought and the Moving Average Convergence Divergence is valued +1.24. One can buy on dips till Rs.230-Rs.228 for upside target of Rs235-Rs.240. The trade below Rs224 will negate a bullish view.

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