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Natural Gas strategy for intraday & short term traders

Natural gas December contract closed at 276.80 up by 0.70 rupees. Real struggle can be seen near 280 zones in natural gas and metal is closing with shooting star candlestick formation near the same. Today price objective for bulls would be 281 any sustained move above that level would bring 284-290 in near term. Support is now seen near 275.80 and then at 274 any sustained move below 274 would bring more weakness and then retest to 269 and more down side cant be ruled out.

Natural gas trading range for the day is expected among the key support at 255 and resistance at 281.

Recommendation:

Today buying natural gas above 281 with stop loss below 277 for targeting 286-292 and more upside might be appropriate.

* In other scenario selling below 274 with stop loss above 277 for targeting 271-269 and more down side might be appropriate.

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