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Natural gas trading view for the day 29.01.2014

Natural gas February contract closed at 309.10 up by 2.40 rupees. Today key support would remain at 297 any failure below this level would bring 292-286 and more down side. Resistance remains at 311 any recovery above that level would bring a retest to 315-319 and more upside.

 

Trading range for the day is expected among the key support at 280 and resistance at 320.

 

Recommendation:

  • Today selling natural gas around 308-310 with stop loss above 312 for targeting 301-293 and more down side might be appropriate.
  • In alternative scenario selling below 297 with stop loss above 303 for targeting 292-286 and more down side might be appropriate.
  • Buying can be taken above 312 with stop loss below 308 for targeting 316-320 and more upside. 

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