NG bounced from multiyear support

3rd March 2019,
02.30 IST.

NG Future w CFD

     As shown in the charts with digits 1 to 6, NG price took support on that supportline on 6 occasions in last 3 years and bounce back. Just before 2 weeks it touched the multiyear support line and turned upward. So I think it is good chance to enter a long trade. This trade can take its own time because this chart is on weekly time frame. Stop Loss should be placed below support line. For MCX that support line is now placed at RS 185, so you can place stoploss below that mark. In the past that level placed around Rs 165 but weakening of Indian Rupee against U.S dolor placed it around Rs 185 now. MCX CMP is Rs 203.

   Do your proper research and think about it, Jay Shriram.   

Update 1, 29th May 2019

   ng weekly 

      As shown in the weekly chart of NG, price again took support from multiyear support line. Actually it breached this line with exponential leg near the mark '' 7 '' . But that was because of sl triggered in large quantity. I am still holding my long position. Made average at lower levels with big quantity. Now I have average cost of Rs 190 MCX India. 

     Lot of patience needed to make profits from Ng. Nearly 3 months are passed holding this bet. But one should acknowledge that NG is play of fundamentals. Supportline on weekly chart shows the price level, where demand from power plants and other users increase & producers feel less happy to produce more. So impact of this will turn price upward again. One should read an article by HFIR energy on seeking alpha. Here is the link .....  https://seekingalpha.com/article/4266894-natural-gas-lower-prices-cure-lower-prices

     Cmp on mcx India is 182 & I am happily holding my long position. Thanking you, Jay Shriram.