MCX Natural Gas Analysis

Natural Gas - What to do now Buy/Sell?

From the past few days my bullish view on Natural Gas and prediction & analysis on the basis of Elliot's Wave have proved wrong and I made a loss in Natural Gas.
Now rethinking and analysing purely on price behaviour and short positions made by hedge funds once again I would like to be bullish in Natural Gas from these levels of 165-168 on MCX.

I think now from these levels price can bounce and the trend can reverse. Short-positions by hedge funds are getting covered on price dips and if they make fresh longs the price of natural gas can witness a sharp rise.
This time I am using the chart of MCX Natural Gas of December contract, although January contract price is also trading near the Dec contract price.

In the below chart of MCX-Natural Gas, We can see that the price touched the uptrend line on the daily chart and also filled the gap beautifully. My previous two analysis was based on Elliot's Wave and that has proved junk.

Now, this time the weather forecast also seems supportive, although I don't give much importance to News and weather forecast as they keep changes according to price action.

MCX-Natural-Gas Daily Chart

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