29/11/2017,
06.11 pm India.
06.11 pm India.
NG daily
As shown in this NG daily chart, price is moving in the symmetrical broadening wedge or horizontal megaphone. You can see price is in the downtrend at the start of this megaphone. ( I draw a blue circle around it ). As a rule .. ascending megaphone breakout is downward & downward megaphone breakout is upwards. But here we can see the horizontal megaphone. now how to acknowledge or guess the breakout direction ? there are two ways. First is continuation of the trend & we can easily see that in the blue circle , price trend is downward. Second method to guess breakout direction is to judge price movement is top heavy or bottom heavy ? . In this case, price is not top heavy or bottom heavy.
NG weekly chart
This is the another reason why I am bearish on NG ? On weekly chart , price is still moving in H & S. It is not violated the pattern yet. Last wave is going on & on , making the pattern dirty. But technically it is H&S. price should go towards neckline. It created megaphone on weekly chart also. So trade accordingly. Jay Shriram.
Update 1, Tuesday 05/12/2017, 05.14 IST
ng daily chart
Now , we are in very good profit. Book half profit & trail the sl to ctc. Jay Shriram.
Update 2, Thursday Dec 7, o7.05 ist
We shorted NG around Rs 207 mcx price, now we are in very good profit. CMP on mcx is 182.70 around. Rs 15/ single lot profit, that means Rs more than 18000 rupees profit in single lot. Book full profit & exit the trade. Today is inventory day, no need to take any risk. Enjoy profits saying Jay Shriram.
