MCX PIVOT POINT


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May 10, 2014

NG bears hit hard

MCX natural gas, after a sharp rally, had nose-dived in February this year. Then it entered a pull-back mode and retraced 23.6% of the previous fall. However, bears didn’t allow bulls to stretch their arms. Consequently, the pull-back turned out to be a shallow one and the gas has started tumbling once again. It has broken the key daily moving averages. The daily momentum indicator has triggered a bearish cross-over. Thus natural gas can fall back towards the low of 253.40, where there is a medium-term rising trend line as well. On the other hand, the swing’s high of 290.50 will act as a key hurdle.