positional trade --- buy NG --- perfect case of double bottom reversal

19th May2017

Double Bottom Reversal chart pattern.

nymex hourly chart 

     Without any hesitation I am saying that Natural Gas price is about to breakout the Double Bottom Reversal chart pattern. In the morning I posted first image showing levels on twitter and google +. At that time I was suspicious about this chart pattern but finally price broke up from the descending triangle and cross R1 on upside and now it is knocking 3.269 mark for giving breakout.

     Buy it after breakout, targets are huge with the sl of triangle resistance line ( upper line ) which will work as support line as a rule of polarity.

     NG price made double bottom at 3.160 around. In the process it made descending triangle but successfully crossed it upward. Crossed resistance of 3.243 and now knocking final breakout line mark placed at 3.269. If it cross it and sustain above it, trend will reverse on upside. NG has habitual of volatile moves, we can expect big spike in the price.

     Thank you. 

Update 1, 22nd May 2017 

nymex hourly NG 

     Because of blessings of my blog readers, NG is up. analysis proves correct. Yes , I admit that there is something, may be contract change in US mkt, what may be reason, we made some money in that process.

     For mcx, I think NG will try to break 221 level, if it can, then it will enter in new trading zone. Lets see.

Update 2 , 22nd May 2017, 08.23 p.m

hourly NG nymex chart 

     NG is knocking final resistance of 3.432, if it cross this resistance, price on mcx can fly toward 221. currently price is trading at days high level. Rs 221 is upper edge of current trading range of NG. This is second update in single day for MR Gagan Jain.

     Thank you, Jay Shriram.