Natural gas March contract closed at 263.10 down by 3.60 rupees. Today price objective for bulls would be 268 above that it may try heading towards 273 and more upside. Key resistance remains at 281 and any closing above that level may bring some charm back in this commodity. Stability below 281 remains bearish and commodity has the potential to hit 255-245 during this decline. Immediate support is now placed near 261-260 zones any failure below these levels would bring 255-245 on cards.
Natural gas trading range for the day is expected among the key support at 255 and resistance at 280.
Â· Today buying nat gas above 274 with stop loss below 271 for targeting 277-281 and more upside.
Â· Selling below 266 with stop loss above 269 for targeting 261-255 and more down side might be appropriate.
Â· In another likely scenario selling below 261 with stop loss above 264 for targeting 258-255 and more down side might be appropriate.
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