As can be seen from the chart, MCX Natural gas formed a descent correction recently. It found support near the 61.8% retracement mark. From that key Fibonacci level, the gas moved higher. It broke out from the channel and achieved the channel equality target. From there natural gas has started its journey towards the south. On the ay down, it formed a minor-degree bounce and has started the next leg down. The daily momentum indicator is in line with the fall. The short-term target on the downside will be 210, ie the equality target. The reversal can be trailed to the swing high, ie 240.50.
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