NATURALGAS | MCX | breakout (July 31, 2024)
Natural Gas Analysis
Natural gas experienced a short-term rally due to unexpected hot weather forecasts, pushing prices into a supply zone. However, the market remains cautious due to persistent high inventory levels and rising production.
Key Levels: Resistance: 180
Targets:
1st: 182.5
2nd: 185
Support: 177.5
Stop-Loss: Minimum 10 points below entry (adjust based on risk tolerance)
A sustained move above 180 could indicate a stronger bullish trend. Conversely, a breakdown below 177.5
Disclaimer: This information is for educational purposes only and should not be considered financial advice.
Natural gas experienced a short-term rally due to unexpected hot weather forecasts, pushing prices into a supply zone. However, the market remains cautious due to persistent high inventory levels and rising production.
Key Levels: Resistance: 180
Targets:
1st: 182.5
2nd: 185
Support: 177.5
Stop-Loss: Minimum 10 points below entry (adjust based on risk tolerance)
A sustained move above 180 could indicate a stronger bullish trend. Conversely, a breakdown below 177.5
Disclaimer: This information is for educational purposes only and should not be considered financial advice.
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