Market Outlook THE WEEK THAT WAS Stocks gain on broad-based buying demand Key indices ended the volatile week with modest gains on buying demand in index pivotals. The Sensex settled below the psychological 38,000 level. The Nifty finished slightly above the 11,400 mark. Indices logged gains in three of five trading sessions. Small and mid-cap stocks underperformed the Sensex during the week. In the week ended Friday, 17 May 2019, the Sensex rose 467.78 points or 1.25% to settle at 37,930.77, its highest closing level since 7 May 2019. The Nifty 50 index rose 128.25 points or 1.14% to settle at 11,407.15, its highest closing level since 7 May 2019. The BSE Mid-Cap index fell 81.40 points or 0.57% to settle at 14,308.36. The BSE Small-Cap index fell 218.59 points or 1.55% to settle at 13,887.14. Key indices dropped sharply on first trading day of the week on Monday, 13 May 2019 on negative global stocks. Investors were concerned about global economic growth after trade negotiations between the US and China appeared at a deadlock. The barometer index, the S&P BSE Sensex, lost 372.17 points or 0.99% to 37,090.82. The Nifty 50 index fell 130.70 points or 1.16% to 11,148.20. Meanwhile, the India Meteorological Department (IMD) said that the monsoon onset over Kerala is likely to be slightly delayed. The southwest monsoon onset is likely to set over Kerala on 6 June with a model error of ± 4 days. The forecast is mostly in line with the one made by private forecaster Skymet, which said the monsoon would hit the State on 4 June 2019. On the economic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.07% (provisional) in April 2019 (over April 2018) as compared to 3.18% (provisional) in the previous month and 3.62% during the corresponding month of the previous year, the Ministry of Commerce & Industry said in a release during trading hours on 14 May 2019. The all-India general Consumer Price Index (CPI) inflation rose to 2.92% in April 2019, compared with 2.86% in March 2019. The inflation based on CPI was 4.58% in April 2018. The Central Statistics Office (CSO) released the data after market hours on 13 May 2019. India's industrial production (base year 2011-12=100) declined 0.1% in March 2019, while snapping growth for last 21 straight months. The industrial production growth for February 2019 has been retained unchanged at 0.1% as reported provisionally. The data was announced after market hours on Friday, 10 May 2019. India's overall exports (merchandise and services combined) in April 2019 is estimated to be $44.06 billion, exhibiting a positive growth of 1.34% over the April 2018. Overall imports in April 2019 is estimated to be $52.83 billion, exhibiting a positive growth of 4.53% over April 2018. Taking merchandise and services together, overall trade deficit for April 2019 is estimated at $8.78 billion as compared to $7.07 billion in April 2018, the Ministry of Commerce & Industry said in a statement on 15 May 2019. Technical View Nifty Outlook (11407) Bank Nifty Outlook (29450) USDINR Outlook (70.29) EURINR Outlook (78.57) Dollar Index Outlook (97.82) Markets finally staged a smart come back ahead of the exit polls. Indices witnessed some relief after two weeks of sharp sell-off. During the last week Nifty has made a low of 11125 and given a sharp bounce from this level up to 11427 and closed at 11407. Its 20 DEMA resistance is 11427. Its immediate support is likely to be seen around 11290 and 11170 for next week. Its resistance is likely to be seen around 11490 to 11570 for next week. During the last week Bank Nifty has made a low of 28525 and given a sharp bounce from this level up to 29559 and closed above 20 DEMA of 29290. Its immediate support is likely to be seen around 29100 and 28700 for next week. Its resistance is likely to be seen around 29850 to 30200 for next week. During the last week USDINR has made a 70.70 and given a correction from this level up to 70.08 and took support above 200 DEMA of 70.05. Its immediate support is likely to be seen around 69.90 and 69.10 for next week. Its resistance is likely to be seen around 70.70 and 71.50 for next week. During the last week EURINR has made a high of 79.51 and given a sharp correction from this level up to 78.50 and closed below 20 DEMA of 78.65. Its immediate support is likely to be seen around 78.30 and 77.30 for next week. Its resistance is likely to be seen around 78.90 and 79.30 for next week. During the last week DX has made a low of 96.81 and given a sharp bounce from this level up to 97.86 and closed above 20 DEMA of 97.30. Its immediate support is likely to be seen around 97.10 and 96.30 for next week. Its resistance is likely to be seen around 98.50. Two consecutive closes above this level it can go up to around 101. Weekly Newsletter | 19 May - 25 May, 2019 th th Market Outlook Cash Market Data Market Indicator Primary Mkt. Updates Pivot Levels Next Week Events Technical Recommendations Index Particulars Nifty Sensex 52 Wk High 52 Wk Low 11856.15 10004.55 11407.15 39487.45 33291.58 37930.77 Close nitial ublic ffering I P O Equities Commodities Demat IPOs Research Mutual Funds Currencies Training Algorithmic Trading Mobile Trading Wealth Management India's merchandise exports in April 2019 were $26.07 billion, as compared to $25.91 billion in April 2018, exhibiting a positive growth of 0.64%. In Rupee terms, exports were Rs 1,81,021.34 crore in April 2019, as compared to Rs 1,70,052.96 crore in April 2018, registering a positive growth of 6.45%. Merchandise imports in April 2019 were $41.40 billion (Rs 2,87,432.93 crore), which was 4.48% higher in dollar terms and 10.52% higher in Rupee terms over imports of $39.63 billion (Rs 2,60,084.67 crore) in April 2018. The merchandise trade deficit for April 2019 was estimated at $15.33 billion as against the deficit of $13.72 billion in April 2018. On the global front, China reported surprisingly weaker growth in retail sales for April. Overall retail sales in April rose 7.2% from a year earlier, data from the National Bureau of Statistics (NBS) showed. China announced on Monday, 13 May 2019 that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of agricultural products. Last week, US President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%. On the US data front, the Commerce Department said housing starts rose by 5.7% in April to a seasonally adjusted annual rate of 1.235 million. Further, the Philadelphia Fed manufacturing index in May rose to a four- month high of 16.6 after registering 8.5 in April. Any reading above zero indicates improving conditions. Election results may trigger volatility Results of Lok Sabha elections, corporate earnings, trend in global markets, the movement of rupee against the dollar and crude oil price movement will be monitored. Investors will keep a watch on inflows from foreign portfolio investors (FPIs) and domestic institutional investors (DIIs). Investors will continue to monitor fourth-quarter corporate results. Shree Cement will announce January-March 2019 quarterly earnings on 18 May 2019. Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Tata Motors will announce January-March 2019 quarterly earnings on 20 May 2019. Bosch and Tech Mahindra will declare January-March 2019 quarterly earnings on 21 May 2019. Cipla and IndusInd Bank will unveil January-March 2019 quarterly earnings on 22 May 2019. Grasim Industries will declare January-March 2019 quarterly earnings on 24 May 2019. On the political front, 59 constituencies, spread over seven states and one Union Territory, will go to polls in the concluding phase on Sunday, 19 May 2019 in seventh and the final phase of the Lok Sabha elections. Counting of votes for all the seven phases will be taken up on 23 May 2019. Exit poll for the current Lok Sabha elections will be closely watched on 19 May. Exit polls will offer early clues to the final poll results. On the global front, developments in trade tensions between the United States and China will be closely watched. Japan will be post GDP growth figures for the first quarter on 20 May 2019. The OECD publishes its economic outlook for member countries and other major economies on 21 May 2019. The May Federal Open Market Committee (FOMC) minutes will be released on 22 May 2019. WEEK AHEAD USDINR 70.29 0.35 % EURINR 78.57 -0.25 % Currency Update CMP Net Change Currency Week -6221.35 6730.35 Month (May) -10220.55 8872.74 Institutional Activity (Cr.) FII DII Year (2019) 45803.15 -5337.78 - - - - - - Date Price Band Primary Market Update Company
20
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Weekly Newsletter | 19 May - 25 May, 2019 O · The BSE Mid-Cap index fell 81.40 points or 0.57% to settle at 14,308.36. The BSE Small-Cap index fell 218.59 points or 1.55% to settle
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Market Outlook
THE WEEK THAT WAS
Stocks gain on broad-based buying demand
Key indices ended the volatile week with modest gains on buying
demand in index pivotals. The Sensex settled below the psychological
38,000 level. The Nifty finished slightly above the 11,400 mark. Indices
logged gains in three of five trading sessions. Small and mid-cap stocks
underperformed the Sensex during the week.
In the week ended Friday, 17 May 2019, the Sensex rose 467.78 points or
1.25% to settle at 37,930.77, its highest closing level since 7 May 2019.
The Nifty 50 index rose 128.25 points or 1.14% to settle at 11,407.15, its
highest closing level since 7 May 2019.
The BSE Mid-Cap index fell 81.40 points or 0.57% to settle at 14,308.36.
The BSE Small-Cap index fell 218.59 points or 1.55% to settle at
13,887.14.
Key indices dropped sharply on first trading day of the week on Monday,
13 May 2019 on negative global stocks. Investors were concerned about
global economic growth after trade negotiations between the US and
China appeared at a deadlock. The barometer index, the S&P BSE Sensex,
lost 372.17 points or 0.99% to 37,090.82. The Nifty 50 index fell 130.70
points or 1.16% to 11,148.20.
Meanwhile, the India Meteorological Department (IMD) said that the
monsoon onset over Kerala is likely to be slightly delayed. The
southwest monsoon onset is likely to set over Kerala on 6 June with a
model error of ± 4 days. The forecast is mostly in line with the one made
by private forecaster Skymet, which said the monsoon would hit the
State on 4 June 2019.
On the economic front, the annual rate of inflation, based on monthly
Wholesale Price Index (WPI), stood at 3.07% (provisional) in April 2019
(over April 2018) as compared to 3.18% (provisional) in the previous
month and 3.62% during the corresponding month of the previous year,
the Ministry of Commerce & Industry said in a release during trading
hours on 14 May 2019.
The all-India general Consumer Price Index (CPI) inflation rose to 2.92%
in April 2019, compared with 2.86% in March 2019. The inflation based
on CPI was 4.58% in April 2018. The Central Statistics Office (CSO)
released the data after market hours on 13 May 2019.
India's industrial production (base year 2011-12=100) declined 0.1% in
March 2019, while snapping growth for last 21 straight months. The
industrial production growth for February 2019 has been retained
unchanged at 0.1% as reported provisionally. The data was announced
after market hours on Friday, 10 May 2019.
India's overall exports (merchandise and services combined) in April
2019 is estimated to be $44.06 billion, exhibiting a positive growth of
1.34% over the April 2018. Overall imports in April 2019 is estimated to
be $52.83 billion, exhibiting a positive growth of 4.53% over April 2018.
Taking merchandise and services together, overall trade deficit for April
2019 is estimated at $8.78 billion as compared to $7.07 billion in April
2018, the Ministry of Commerce & Industry said in a statement on 15
May 2019.
Tech
nic
al
Vie
w
Nifty Outlook (11407)
Bank Nifty Outlook (29450)
USDINR Outlook (70.29)
EURINR Outlook (78.57)
Dollar Index Outlook (97.82)
Markets finally staged a smart come back ahead of the exit polls. Indices witnessed some relief after two weeks of sharp sell-off. During the last week Nifty has made a low of
11125 and given a sharp bounce from this level up to 11427 and closed at 11407. Its 20 DEMA resistance is 11427. Its immediate support is likely to be seen around 11290 and 11170 for next week.
Its resistance is likely to be seen around 11490 to 11570 for next week.
During the last week Bank Nifty has made a low of 28525 and given a sharp bounce from this level up to 29559 and closed above 20 DEMA of 29290. Its immediate
support is likely to be seen around 29100 and 28700 for next week. Its resistance is likely to be seen around 29850 to 30200 for next week.
During the last week USDINR has made a 70.70 and given a correction from this level up to 70.08 and took support above 200 DEMA of 70.05. Its immediate support is likely
to be seen around 69.90 and 69.10 for next week. Its resistance is likely to be seen around 70.70 and 71.50 for next week.
During the last week EURINR has made a high of 79.51 and given a sharp correction from this level up to 78.50 and closed below 20 DEMA of 78.65. Its immediate support is
likely to be seen around 78.30 and 77.30 for next week. Its resistance is likely to be seen around 78.90 and 79.30 for next week.
During the last week DX has made a low of 96.81 and given a sharp bounce from this level up to 97.86 and closed above 20 DEMA of 97.30. Its immediate support is likely
to be seen around 97.10 and 96.30 for next week. Its resistance is likely to be seen around 98.50. Two consecutive closes above this level it can go up to around 101.
Weekly Newsletter | 19 May - 25 May, 2019th th
Market Outlook
Cash Market Data
Market Indicator
Primary Mkt. Updates
Pivot Levels
Next Week Events
Technical Recommendations
Index
Particulars Nifty Sensex
52 Wk High
52 Wk Low
11856.15
10004.55
11407.15
39487.45
33291.58
37930.77Close
nitialublicffering
IPO
Equities Commodities Demat IPOs ResearchMutual
Funds
Currencies Training Algorithmic
TradingMobile
Trading
Wealth
Management
India's merchandise exports in April 2019 were $26.07 billion, as
compared to $25.91 billion in April 2018, exhibiting a positive growth of
0.64%. In Rupee terms, exports were Rs 1,81,021.34 crore in April 2019,
as compared to Rs 1,70,052.96 crore in April 2018, registering a positive
growth of 6.45%. Merchandise imports in April 2019 were $41.40 billion
(Rs 2,87,432.93 crore), which was 4.48% higher in dollar terms and
10.52% higher in Rupee terms over imports of $39.63 billion (Rs
2,60,084.67 crore) in April 2018. The merchandise trade deficit for April
2019 was estimated at $15.33 billion as against the deficit of $13.72
billion in April 2018.
On the global front, China reported surprisingly weaker growth in retail
sales for April. Overall retail sales in April rose 7.2% from a year earlier,
data from the National Bureau of Statistics (NBS) showed.
China announced on Monday, 13 May 2019 that it will raise tariffs on $60
billion worth of US goods, beginning on 1 June 2019. The goods targeted
include a broad range of agricultural products. Last week, US President
Donald Trump raised duties on $200 billion in Chinese goods to 25%
from 10%.
On the US data front, the Commerce Department said housing starts
rose by 5.7% in April to a seasonally adjusted annual rate of 1.235 million.
Further, the Philadelphia Fed manufacturing index in May rose to a four-
month high of 16.6 after registering 8.5 in April. Any reading above zero
indicates improving conditions.
Election results may trigger volatility
Results of Lok Sabha elections, corporate earnings, trend in global
markets, the movement of rupee against the dollar and crude oil price
movement will be monitored. Investors will keep a watch on inflows
from foreign portfolio investors (FPIs) and domestic institutional
investors (DIIs).
Investors will continue to monitor fourth-quarter corporate results.
Shree Cement will announce January-March 2019 quarterly earnings on
18 May 2019. Bharat Petroleum Corporation, Hindustan Petroleum
Corporation and Tata Motors will announce January-March 2019
quarterly earnings on 20 May 2019. Bosch and Tech Mahindra will
declare January-March 2019 quarterly earnings on 21 May 2019. Cipla
and IndusInd Bank will unveil January-March 2019 quarterly earnings
on 22 May 2019. Grasim Industries will declare January-March 2019
quarterly earnings on 24 May 2019.
On the political front, 59 constituencies, spread over seven states and
one Union Territory, will go to polls in the concluding phase on Sunday,
19 May 2019 in seventh and the final phase of the Lok Sabha elections.
Counting of votes for all the seven phases will be taken up on 23 May
2019. Exit poll for the current Lok Sabha elections will be closely
watched on 19 May. Exit polls will offer early clues to the final poll results.
On the global front, developments in trade tensions between the United
States and China will be closely watched. Japan will be post GDP growth
figures for the first quarter on 20 May 2019. The OECD publishes its
economic outlook for member countries and other major economies on
21 May 2019. The May Federal Open Market Committee (FOMC)
This Document has been prepared by Tradeswift Broking Pvt. Ltd., for use by the recipient only and not for circulation. The information and opinions contained in the document
have been complied from sources believed to be reliable. Tradeswift Broking Pvt. Ltd., does not warrant its accuracy, completeness and correctness.This report is for your guidance
only. Tradeswift Broking Pvt. Ltd. Or any of its director/employee/signatories or any other person will not be responsible for any trade done based on the report mentioned above.
Tradeswift Broking Pvt. Ltd has no personal trading interest in any of the scrips detailed above. Trading in commodities is facilitated through associate companies : Tradeswift
Commodities Private Limited (NCDEX) and Tradeswift Derivatives Private Limited (MCX)
Commodity MonthLTP as on
17.05.2019Strategy Target S/L Technical Comments
Chana Jun 4611
Buy on
declines and
sell near
resistance
levels
4630/4670/4770
(Res.)
4530/4450
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
4485. Traders can buy on declines with SL 4530. Closes below this
level it can correct up to around 4490 to 4450. It can also bounce
from these level. It can also correct from resistance levels.
Guar Gum Jun 8835
Sell on rise and
buy near
support levels
8950/9030 (Res.)8750/8630
(Sup.)
It has made a lower top formation and closed below 200 DEMA of
8890. Traders can sell on rise with SL 8950. Closes above this level it
can go up to around 9030 to 9120. It can also correct from these
levels. It can also bounce from support levels.
Guar Seed M Jun 4406
Sell on rise and
buy near
support levels
4450/4530 (Res.)4350/4290
(Sup.)
It has made a lower top formation and closed below 20 DEMA of
4450. Traders can sell on rise with SL 4450. Closes above this level it
can go up to around 4490 to 4530. It can also correct from these
levels. It can also bounce from support levels.
Jeera Jun 17805
Buy around
sup. Level and
sell around res.
Level
18200/18700
(Res.)
17600/17200
(Sup.)
It has made a higher bottom formation and closed above 200 DEMA
of 17240. Traders can buy on declines with near SL of 17600. Closes
below this level it can correct up to around 17200 to 16900. It can
also bounce from this level. Near resistance levels it can give some
correction.
Agri Commodities
Soyabean Jun 3715
Buy around
sup. Level and
sell around res.
Level
3750/3790 (Res.) 3690/3620
(Sup.)
It has made a lower top formation and closed Below 20 DEMA of
3740. Traders can sell on rise with near SL of 3750. Closes above this
level it can go up to around 3790. It can also correct from this level.
Near support levels it can give some bounce. Traders can also buy on
correction near support levels and consider near support level as SL.
RMSeed Jun 3909
Buy around
sup. Level and
sell around res.
Level
3950/3990 (Res.)3850/3810
(Sup.)
It has made a higher bottom formation and closes above 100 DEMA
of 3890. Traders can buy on declines with SL 3850. Closes below this
level it can correct up to around 3810. It can also bounce from this
level. Near resistance levels it can give some correction.
Soya Oil Ref. Jun 739
Buy around
sup. Level and
sell around res.
Level
745/750 (Res.)730/725
(Sup.)
It has made a higher bottom formation and closed above 200 DEMA
of 739. Traders can buy on declines with near SL of 735. Closes below
this level it can correct up to around 730 to 725. It can also bounce
from this level. Near resistance levels it can give some correction.
Cocud(N) Jun 2741
Buy around
sup. Level and
sell around res.
Level
2790/2850 (Res.)2670/2590
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
2590. Traders can buy on declines with near SL of 2670. Closes below
this level it can correct up to around 2590. It can also bounce from
this level. Near resistance levels it can give some correction.
Dhania Jun 7577
Buy around
sup. Level and
sell around res.
Level
7690/7850 (Res.)7430/7320
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
7320. Traders can buy on declines with near SL of 7430. Closes below
this level it can correct up to around 7320. It can also bounce from
this level. Near resistance levels it can give some correction.
TMC Jun 7105Buy on
declines 7450/7750 (Res.)
6990/6850
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
6505. Traders can buy on declines with near SL of 6490. Closes below
this level it can correct up to around 6450. It can also bounce from
this level. Near resistance levels it can give some correction. Traders
can sell on bounce near resistance levels and consider near
resistance levels as SL.
Mentha oil (MCX) May 1397
Buy around
sup. Level and
sell around res.
Level
1430/1450 (Res.)1370/1330
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
1382. Traders can buy on declines with near SL of 1370. Closes below
this level it can correct up to around 1330. It can also bounce from
this level. Near resistance levels it can give some correction.
CPO (MCX) May 527
Buy around
sup. Level and
sell around res.
Level
530/540 (Res.)510/490
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
525. Traders can buy on declines with SL 520. Closes Below this level
it can correct up to around 510 to 507. It can also bounce from these
levels. It can also correct from resistance levels.
Cardamom Jun 2321
Buy around
sup. Level and
sell around res.
Level
2430/2550 (Res.)2150/2010
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
2001. Traders can buy on declines with near SL of 2150. Closes below
this level it can correct up to around 2010 to 1990. It can also bounce
from this level. Near resistance levels it can give some correction.
Commodity MonthLTP as on
17.05.2019Strategy Resistance Support Technical Comments
Gold Jun 31791
Sell on rise and
buy near
support levels
32050/32350
(Res.)
31600/
31450
(Sup.)
Gold has made a high of 32540 and given a sharp correction from this
level up to 31755 and closed below 20 DEMA of 31890. Traders can sell on
rise with SL 32050. Closes above this level it can go up to around 32350. It
can also correct from this level. Near support levels it can give some
bounce.
Silver July 36577
Sell on rise and
buy near
support levels
37250/37650
(Res.)
36500/
35500
(Sup.)
Silver has given a sharp correction from 37760 to 36530 and closed below
20 DEMA of 37250. Traders can sell on bounce near resistance levels with
SL 37300. Closes above this level it can go up to around 37650. It can also
correct from this level. Near support levels it can bounce. Closes below
36500 it can correct up to around 35500.
Copper Jun 428
Buy around
support level
and sell near
resistance
levels
435/445 (Res.)425/410
(Sup.)
Copper has made a lower top formation and closed below 20 DEMA of
435. Traders can sell on bounce near resistance levels with SL 435. Closes
above this level it can go up to around 440. It can also correct from this
level. Traders can also buy on correction near support levels with SL 425.
Closes below this level it can correct up to around 415 to 410.
Aluminum May 149.5
Buy around
support level
and sell near
resistance
levels
151/153 (Res.)148/145
(Sup.)
It has made a lower top formation but closed above 20 DEMA of 148.50.
Traders can buy on declines with SL 148. Closes below this level it can
correct up to around 145. It can also bounce from this level. It can also
correct from resistance levels.
Non - Agri Commodities
Lead May 128
Sell on rise and
buy near
support levels
131/135 (Res.)127/125
(Sup.)
It has made a lower top formation and closed below 20 DEMA of 130.50.
Traders can sell on rise with SL 131. Closes above this level it can go up to
around 134 to 135. It can also correct from these levels. Near support
levels it can give some bounce. Its strong support at 128. Traders can buy
on declines with SL 128.
Zinc May 215
Buy around
support level
and sell near
resistance
levels
218/220 (Res.) 213/209
(Sup.)
It has made a lower top formation and closed below 20 DEMA of 218.
Traders can sell on rise with SL 218.50. Closes above this level it can go up
to around 221 to 223. It can also correct from these levels. Near support
levels it can give some bounce. Closes below 213 it can correct up to
around 209 to 207.
Nickel May 845
Sell on rise and
buy near
support levels
860/870 (Res.)830/820
(Sup.)
It has made a lower top formation and closed below 20 DEMA of 850.
Traders can sell on rise with SL 860. Closes above this level it can go up to
around 870 to 875. It can also correct from these levels. Near support
levels it can give some bounce.
Crude Oil Jun 4445
Buy around
support level
and sell near
resistance
levels
4530/4630
(Res.)
4390/4310
(Sup.)
Crude oil has made a higher bottom formation and closed above 20
DEMA of 4399. Traders can buy on declines with SL 4390. Closes below
this level it can correct up to around 4310. It can also bounce from these
levels. Near resistance levels it can give some correction.
Natural Gas May 184
Buy around
support level
and sell near
resistance
levels
190/199 (Res.)182/175
(Sup.)
It has made a higher bottom formation and closed above 20 DEMA of
183. Traders can buy on declines with SL 181. Below this level it can
correct up to around 177 to 175. It can also bounce from this level. Near