MCX Natural Gas Heading North

The adjacent chart shows the price movement of MCX Natural Gas continuous contract. It is trading in a rising channel. In Thursday’s trading session, MCX Natural Gas gave a breakout from the Downward Sloping Trendline. The bulls are in control and the Natural Gas should advance in the coming trading sessions. On the way down, 213.50-210.80 will act as support in the near term. Dips towards the support zone should be seen as a buying opportunity as long as it is trading above the swing low of 202.20. On the way up, it is likely to head higher towards 223.50-228 in the coming trading sessions. The momentum indicator is in a ‘positive’ mode.