Natural gas entered a pull-back mode from supports

MCX natural gas, after a sharp rally, had nose-dived in February this year. It had then entered a pull-back mode retracing 23.6% of the previous fall. However, bears didn’t allow bulls to stretch their arms. Consequently, the gas tumbled towards the previous low and the medium-term rising trend line. Near these key supports the bulls rushed in to provide support to the gas. Consequently, the gas has once again entered the pull-back mode. The shortterm momentum indicators are in line with the pull-back. Thus, natural gas can move up till Rs289.70 and Rs293.50, ie the daily upper Bollinger Band and the recent high respectively. On the other hand, the recent low of Rs254.10 will now act as a strong support.
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