Mcx natural gas monthly-remain sell below 205.6 resistance level

Natural gas future monthly outlook June 2017

Mcx natural gas future in month of May closed at 198.6 with
loss. This was first losing month for natgas prices after last 2 months gains.
This month natural gas future recorded low at 198 while high
was around 220. Total 22 rupee or 10% range and negative closing on strong
profit booking.
For month of June 2017, mcx natgas future outlook remain bearish
below 205.6 resistance level. Daily chart price pattern and indicators are
suggesting downtrend and large downside for gas prices.
Below 205.6, mcx natural gas will remain sell on rise and
expect positional targets around 191 and then 184. If breakout happens above
205.6 on daily closing basis with strong price action and on volume then expect
short covering rally up to 213 to 227.
Energy Commodity traders below 205.6 keep selling view with
stop loss above top of 209 rupee and keep targets at 191 and then 184 for month
of June 2017. 

From long term view, natural gas future given bearish breakdown
below 208 rupee level and now heading towards 152 rupee long term target.
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