MCX-Natural gas buying and selling with bearish bias by admin- Wednesday, September 30th, 2020 07:38:58 AM
The October futures contract of natural gasoline inside the Multi Commodity Exchange (MCX), that commenced trending up from about ₹180 in early August, marked a clean high of ₹221 in the first week of September.
The agreement then reversed the trend and witnessed a sharp fall, giving up maximum of the gains recorded in August. Following this, the contract once more made a failed try at growing remaining week, while it reversed from the resistance stage of ₹216. It is currently soaring across the essential level of ₹2 hundred.
Since the charge is trading underneath the 21-day transferring average (DMA), the outlook is bearish and a wreck underneath ₹200 can intensify the promote-off. Corroborating the same, the every day relative power index is displaying a clean downtick and it’s miles now below the midpoint stage of fifty.
Since the contract is willing to downtrend, traders can brief with a prevent-loss at ₹210. While the closest support is at ₹195, this degree can be breached, and the price could drop to ₹187. On the upside, the resistance levels are at ₹208 and ₹216.