MCX Natural Gas: Wait for dips and go lengthy by admin- Tuesday, October 11th, 2022 07:53:00 AM
The 2 hundred-Day Moving Average (DMA) support is at ₹508. A lengthy-time period trend line support is at ₹515. This makes the ₹518-₹515 region a totally sturdy help. A wreck underneath ₹515 will not be very smooth. So, the modern pull-again from the high of ₹591.Nine could be quick-lived.
We anticipate the MCX Natural Gas futures contract to preserve above the ₹518-₹515 assist zone and rise to ₹610-₹620 in the next couple of weeks or so.
This bullish outlook gets negated if the MCX Futures contract breaks underneath ₹515 decisively. In that case, the contract will come underneath strain for a fall to ₹480 and even ₹460 going ahead.
Positional long trades are recommended at this factor of time. Traders with a short-term perspective can watch for dips. Go lengthy at ₹545 and accumulate at ₹525. Keep the stop-loss at ₹505. Trail the prevent-loss up to ₹555 when the settlement moves up to ₹565. Revise the prevent-loss similarly up to ₹560 whilst the agreement touches ₹575 on the upside. Book income at ₹595.