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Natural Gas Short Term Outlook 15.07.2014

Natural gas July contract closed at 249 down by 1.10 rupee. Natural gas continued hovering near key support of 245 and settled with a doji candlestick patter indicates a possible reversal. Stochastic is also producing extreme oversold reading and preventing fresh sellers to jump in. Today price objective for bulls would be 252 any move above that level would bring 255-258 on cards. Support is now seen near 247 any failure below this level would bring 244-241 in coming days.

Natural Gas trading range for the day is expected among the key support at 247 and resistance at 250.

Recommendation:

·         Buying natural gas around 249-50 with stop loss below 247 for targeting 255-258 and more upside might be appropriate.

·         In alternative scenario selling below 247 with stop loss above 250.50 for targeting 243 and more down side might be appropriate. 

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