Natural gas February contract closed at 287.60 down by 12.40 rupees. Natural gas remained in bearish posture and settled below key level of 291. Today price objective for bulls would be 300 and any recovery above that level would bring some charm back in this commodity and then we may see a jump towards 309-316 and more upside. Support is now seen near 285 any failure below this level would bring 279 and more down side.
Trading range for the day is expected among the key support at 284 and resistance at 311.
Â· Today selling natural gas on jumps around 295-297 with stop loss above 302 for targeting 285-281 and more down side.
Â· In alternative scenario selling below 285 with stop loss above 290 for targeting 280-276 and more down side.
Â· Buying above 300 with stop loss below 294 for targeting 309-314-19 and more upside might be appropriate.
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