CMP 176.50
Swing High: 591.80
Swing Low: 99.50
Retracement levels: 216, 287, 345, 403(61.8%), 447, 475, 486, 591.80 (100%).
Based on Monthly chart,
If you see the above chart, NG reversed from 61.8% (402.40) level nearly.
Based on Daily chart,
Swing Low: 155.40; Swing High: 198.20
As per the chart, we have started up move from 155.40 and made low at 165.30. As long as 165 supports, we may see 198 again and further 208, [214], 218, 224, [234].
Based on 4-Hour chart,
Swing Low 165.30; Swing High: 187.
NG has done nearly 50% retracement at 176.30 already and other retracement levels are: 174, 172, 171, 169.
If NG supported by 165, and reversal from any of the above levels 1st target 187 and further 198.
More closed look at the 5-3 wave sequence. As per the below chart, we have completed the 5 wave sequence and we are in 3 wave corrective pattern.
And in corrective pattern we are at the end of the move.
Trade Idea:
Can buy NG at cmp 176.50 or between 173-169 if you get, with max sl 165/164.50 for 187, 200+++.
Targets: [187, 198], 208, 214, [218], 224, [234], 240, 250, [255], 264, [267], 277.
Any break of 165/155, this view is invalid.
Also, need to watch USDINR movement.
DISCLAIMER:
"PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. COMMODITY FUTURES, OPTIONS, AND FOREX TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS. You could lose all or more !!! I am not the responsible person for your INVESTMENT or TRADING RISKS. YOUR MONEY, YOU TAKE YOUR DECISION. I am also a HUMAN BEING AND BOUND TO ERRORS."
NYMEX PREVIOUS ANALYSIS:
http://rajmarketresearchanalysis.blogspot.in/2015/06/natural-gas-positional-view-01-jun-2015.html
http://rajmarketresearchanalysis.blogspot.in/2015/05/long-term-positional-analysis-of.html
Swing High: 591.80
Swing Low: 99.50
Retracement levels: 216, 287, 345, 403(61.8%), 447, 475, 486, 591.80 (100%).
Based on Monthly chart,
If you see the above chart, NG reversed from 61.8% (402.40) level nearly.
Based on Daily chart,
Swing Low: 155.40; Swing High: 198.20
As per the chart, we have started up move from 155.40 and made low at 165.30. As long as 165 supports, we may see 198 again and further 208, [214], 218, 224, [234].
Based on 4-Hour chart,
Swing Low 165.30; Swing High: 187.
NG has done nearly 50% retracement at 176.30 already and other retracement levels are: 174, 172, 171, 169.
If NG supported by 165, and reversal from any of the above levels 1st target 187 and further 198.
More closed look at the 5-3 wave sequence. As per the below chart, we have completed the 5 wave sequence and we are in 3 wave corrective pattern.
And in corrective pattern we are at the end of the move.
Trade Idea:
Can buy NG at cmp 176.50 or between 173-169 if you get, with max sl 165/164.50 for 187, 200+++.
Targets: [187, 198], 208, 214, [218], 224, [234], 240, 250, [255], 264, [267], 277.
Any break of 165/155, this view is invalid.
Also, need to watch USDINR movement.
DISCLAIMER:
"PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. COMMODITY FUTURES, OPTIONS, AND FOREX TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS. You could lose all or more !!! I am not the responsible person for your INVESTMENT or TRADING RISKS. YOUR MONEY, YOU TAKE YOUR DECISION. I am also a HUMAN BEING AND BOUND TO ERRORS."
NYMEX PREVIOUS ANALYSIS:
http://rajmarketresearchanalysis.blogspot.in/2015/06/natural-gas-positional-view-01-jun-2015.html
http://rajmarketresearchanalysis.blogspot.in/2015/05/long-term-positional-analysis-of.html
