MCX natural gas, after a sharp rally, had nose-dived in February this year. The gas then entered a pull-back mode and retraced 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 bulls rushed in to provide support to the gas. Consequently, natural gas has once again entered a pullback mode. The short-term momentum indicators are in line with the pull-back. The move on the upside is breaking into waves of lower degrees. The equality target for that is Rs289 whereas the subsequent target will be Rs293.50.A reversal of the bullish view can be tightened to the swing’slow,ie Rs266.30.
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