MCX Nat Gas- Double Corrective pattern (Elliott Wave Analysis)

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MCX Nat Gas is moving in a range of 142-145 levels from last two trading sessions as it awaits for its inventories schedule to release today. The previous reading was 68b but the consensus is 60b.

Prices are moving in a higher high and higher low formation thus giving a clear indication that the trend is firmly positive. Prices also persist in a rising channel formation which supports the positive direction. The commodity is also trading above both the short term moving averages 20 EMA and 50 SMA, where there is a bullish crossover.

From wave perspective, prices are moving higher in a double corrective pattern (as of now). I jumped to this conclusion as it is a channelized move and there can be a breakout of a triangle pattern today. The first wave a started from 109 and ended at 133.80 and wave b was completed in double correction (a-b-c-x-a-b-c) and completed at 126 levels. Wave c ended at 144 and wave x completed in a triangle pattern (a-b-c-d-e). As of now the second corrective pattern has started.

In short, Nat Gas can move higher to test 200 SMA placed at 149 further it can move till resistance of the channel placed at 152-154 levels.

MCX Nat Gas Daily Chart (1st month contract)


Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
Markets In 2020
3 August 2020 at 14:37
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