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Natural Gas technical outlook for short term trader

Natural gas December contract closed at 229.10 up by 3.70 rupees. Today support would be at 223 any move below that level would bring 219-218 on cards. Key support would be at 215 and below that 208-201-194 possible. Resistance is now seen near 232-236 any recovery above that level would bring 242-244 and more upside.

Natural Gas trading range for the day is expected among the key support at 210 and resistance at 241.

Recommendation:

·         Today buying natgas around 226-225 with stop loss below 222.60 for targeting 235-245-55 and more upside.

·         In alternative scenario buying above 241 with stop loss below 237 for targeting 247-253 and more upside might be appropriate.

·         In alternative scenario selling below 222.60 with stop loss above 225.60 for targeting 219-215 and more down side might be appropriate. 

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