Natural gas March contract closed at 283.20 down by 1 rupees. Natural gas approaching key support zones near 276-274 and closed well above the same after hitting intraday low of 277.30. Commodity is trading with bearish posture and has the potential to test 276-274 zones but key support would remain at 270 on closing basis and any closing below that level may trigger more weakness in this commodity. Resistance is now seen near 285 any sustained move above this level would bring a retest to 290 zones. Areas of 292 may act as good resistance and recovery above that would call for 296-300.
Natural Gas trading range for the day is expected among the key support at 270 and resistance at 287.
Â· Today buying Natural gas on declines around 276-274 with stop loss below 268 (closing basis) for targeting 305-310-320 and more upside might be appropriate in short term.
Â· In alternative scenario buying above 285 with stop loss below 282 for targeting 290-296-302-307 and more upside might be appropriate.
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