Natural Gas (MCX): Week of 20/02/2023
Levels:
Support: 180, 150, 120
Resistance: 200, 220, 235
OI Data (21st Feb Expiry):
Nearest Major Resistance per OI data: 200
Nearest Major Support per IO data: 200 * interesting *
Trade setup:
1. Setup: Bearish
2. 200 is the make-or-break level for this Thursday expiry. (It has 7k Call and 4.2k Put)
3. If it stays above 215-220, there will be short covering, pushing it towards 250. Go long with SL: 200 (1 point = 1250/-)
4. Below 180, it's sell.
5. Best trade is: If the price pull back above 200 (~210 level) and then shows weakness (15m / 30m timegframe), buy NaturalGas 200 PE (23rd Feb).
Put a SL (in Future) as 220. RR is great: 1:3 (210 vs 220 as SL, target 180)
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 220 | 200 | 235| 250
-----------------------------------------
SELL | < 180 | 200 | 150 |125
+++++++++++++++++++++++++++++++++++++++++
Support: 180, 150, 120
Resistance: 200, 220, 235
OI Data (21st Feb Expiry):
Nearest Major Resistance per OI data: 200
Nearest Major Support per IO data: 200 * interesting *
Trade setup:
1. Setup: Bearish
2. 200 is the make-or-break level for this Thursday expiry. (It has 7k Call and 4.2k Put)
3. If it stays above 215-220, there will be short covering, pushing it towards 250. Go long with SL: 200 (1 point = 1250/-)
4. Below 180, it's sell.
5. Best trade is: If the price pull back above 200 (~210 level) and then shows weakness (15m / 30m timegframe), buy NaturalGas 200 PE (23rd Feb).
Put a SL (in Future) as 220. RR is great: 1:3 (210 vs 220 as SL, target 180)
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 220 | 200 | 235| 250
-----------------------------------------
SELL | < 180 | 200 | 150 |125
+++++++++++++++++++++++++++++++++++++++++
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