MCX Mar Natural Gas; a “bearish head & shoulder” pattern is under progress on daily contract chart. The neck-line levels pegged at 276 levels, on sustainable close the same will intact further weakness in the counter. According to chart pattern the difference between the head and neck-line level will be the target on downside i.e. 240 levels. However, any rise above the shoulder level of 295 will negate the pattern, one should exit from shorts, positional call sell below 276 TGT will be 246 and Sl 295
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Monday, 10 March 2014
MARKETS VIEW
MCX Mar Natural Gas; a “bearish head & shoulder” pattern is under progress on daily contract chart. The neck-line levels pegged at 276 levels, on sustainable close the same will intact further weakness in the counter. According to chart pattern the difference between the head and neck-line level will be the target on downside i.e. 240 levels. However, any rise above the shoulder level of 295 will negate the pattern, one should exit from shorts, positional call sell below 276 TGT will be 246 and Sl 295
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