Natural gas March contract closed at 283.30 up by 0.70 rupees. Natural gas is fluctuating in a tight range among 275 and 295 and failing to form a clear breakout either side. Today price objective for bears would be 276 failures below this level would bring 270-65-260 and more down side. Resistance is now seen near 296 any sustained move above that level would lead a rally towards 302-307 and more upside.
Natural Gas trading range for the day is expected among the key support at 270 and resistance at 287.
Â· Today staying long in Nat gas around 282-280 with stop loss below 276 for targeting 286-291-295-302 and more upside might be appropriate for intraday and short term.
Â· Selling below 276 with stop loss above 281 for targeting 272-268-263 might be appropriate for intraday and short term.
Â· In another likely scenario buying can be taken above 287 with stop loss below 283 for targeting 291-295 and more upside.
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