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Natural gas trading outlook 09.10.2014

Natural gas October contract closed at 237.70 down by 5.80 rupees. Today again support would be at 237 any move below that level would bring 233 and then 230 levels. Key support remains at 227 on closing basis and below that 215 and more down side possible. Resistance is now seen near 243 any move above that level would bring 247-248 and any closing above 250 would bring 260 and more.

Natural Gas trading range for the day is expected among the key support at 237 and resistance at 243.

Recommendation:

·         Today buying natural gas above 243 with stop loss below 239 for targeting 248-255 and more upside might be appropriate.

·         Selling below 237 with stop loss above 241 for targeting 233-229-223 and more down side might be appropriate. 

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