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Natural Gas Short term View for traders 10.03.2014

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.

Recommendation:

·         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.

·         Selling below 276 with stop loss above 281 for targeting 272-268-263 might be appropriate for intraday and short term.

·         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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