As can be seen from the chart, MCX Natural Gas formed a descent correction recently. It retraced 61.8% of the previous rise. From that key Fibonacci level the gas moved higher. It broke out from the channel and achieved the channel equality target. From there the natural gas has started its journey towards the south. Since the last few sessions, the price is consolidating near its key daily moving averages. Fresh sell position can be initiated near 239-240 with reversal above 245 on a closing basis. The short-term target on the downside will be at 220.
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