NAT GAS - A Morning Star!

Regular visitors on my blog would have observed that my IOC target was reached yday. Also those of you trading in GOLD also witnessed the breaching of the $1000 mark - indicated as early as mid-july when price was $935. NIFTY meanwhile is busy breaking out- though volumes are not supportive (more on Nifty in my next post)

NAT GAS traders (including yours truly) are waiting for a reversal signal. A few days back we almost got a rounding bottom, but unfortunately the break out did not occur. So the rounding theory went blank.



At the current juncture after seeing a panic price fall below Rs 120, it is showing a 'Morning Star' candle stick pattern . This is a classic japanese candlestick reversal pattern and is also considered quite powerful.

A break above Rs 137 should trigger a buying for the 'risk takers' who may keep stops at 121 and target price of Rs 160 -173 in coming days.

Happy trading

CA Rajiv D Khatlawala