MCX Natural Gas: Elliott Impulse Wave

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 MCX Natural Gas daily chart


As shown in the above chart, prices are moving up strongly despite of  RSI in overbought terrain, normally in this situation prices are drive by heavy demand and it is likely that it will stay higher over the course of time.

From Waves perspective, NG is moving in wave 5 of an impulse which is likely to be extended and can move higher towards its next resistance of 630-650 levels where 261.8% of wave 1 to wave 4 is placed.

The summation is MCX Natural Gas is bound to surge till 630-650 levels over short term.

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