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Natural Gas Technical Outlook 18.08.2014

Natural gas august contract closed at 239.40 down by 3.90 rupees. Today support would be 232 any move below that level would bring 229-225 and more down side. Resistance is now seen near 241 above that it will try moving towards 244-247 zones. Key resistance would be 247 and above that it will try heading towards 255 and more upside.

Natural gas trading range for the day is expected among the key support at 224 and resistance at 241.

Recommendation:

·         Today buying above 241 with stop loss below 238 for targeting 244-247 and more upside might be appropriate.

·         In alternative scenario selling below 232.50 with stop loss above 236 for targeting 229-224 and more down side might be appropriate. 

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