MCX natural gas Monthly report for November 2016

MCX natural gas Monthly report for November 2016 Free mcx natural gas monthly tips for nov 2016 Mcx natural gas future on last trading session closed at 196.7 with loss. In last month mcx ng future achieved my given upside target of 210 and 224 and then downside targets of 210-193 and 177. Mcx natural gas daily chart price trend and momentum both are bearish but prices are approaching oversold area.   Mcx natural gas monthly support as well as fresh buying zones are 180 and 152. These are fresh long entry zones for short to medium term traders. My view on ng prices are bullish and traders can use major downside moves to enter long. On upside 202.5 is mcx natural gas November pivot point level and major resistance. Mcx energy traders can use 180 to 186 zones as buy and accumulate and expect targets 202 and then 230 in November series. Above 202.5, mcx natural gas price trend and momentum become strong bullish. Above this level, mcx natural gas monthly resistances are 229 and 252. These are medium to long term target zones for natural gas prices.   Mcx natural gas weekly chart, price trend and momentum both are bullish. Medium term volatility will remain high but outlook is bullish and investment strategy should remain on buy side. Mcx natural gas future achieved medium term target of 199 in last series and now above it expect next target at 252. On downside 157 is major support and above it long term ng prices outlook remain bullish.

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Pramod Baviskar

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