Natural Gas has completed the bearish head and shoulders chart pattern, on the daily chart, over a time span of one month. Prices have breached the neckline support, pegged at 260. Moreover, it has violated the primary uptrend line too pegged at 262 levels.
Distance of the head from the neckline is of 24 points, subtracting the same from the neckline support gives the price target of 236.
RSI (14) negative divergence is visible on the chart; it is declining in lower low/high mode and is expected to continue the same until it enters in over sold zone.
Sell Strategy: Natural Gas:
Sell at CMP 260
In the event of adverse movement, exit at 272.1 with a loss of Rs. 15,125.
Look for final exit at 236 with profit of Rs. 30,000.
Risk/Return ratio: 1:1.98
Time frame: One month.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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