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Natural gas Technical view for intraday

Natural gas February contract closed at 379.20 up by 38.60 rupees. Natural gas closed with a strong bullish candle and indicating more charm. Commodity has extended 127% to its entire fall from high of 359.40 to 285.40 and we may see a temporary halt or profit taking in this commodity. Today areas of 380 will remain crucial to watch and any stability above 380 would bring more charm and then it may try heading towards 387-84-400 zones. Stability below 380 would keep this metal on bear’s radar and we may see a retest to 370-360 and more downside during the day. Key support would remain at 344 and any closing below that level may trigger more bearishness.

 

Natural gas inventory data is also due out today which is expected -255B against - 257B prior. Negative inventory expectations are slightly positive for this commodity.

 

Trading range for the day is expected among the key support at 270 and resistance at 380.

Recommendation:

·         Today selling natural gas between 376-380 with stop loss above 381 for targeting 367-362-355 and more down side might be appropriate.

·         In alternative scenario selling below 371 with stop loss above 375 for targeting 366-361-355 and more down side.

·         Buying above 382 with stop loss below 378 for targeting 387-92-400 and more upside might be appropriate. 

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