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Natural Gas technical Outlook for intraday traders

Natural gas January contract closed at 185.20 down by 3.90 rupees. Today support would be at 188 any move below this level would bring 183-178 and then 170 might be appropriate. Key support would be at 168-165 zones. Resistance would be at 199 and then at 200 any move above that level would bring 204-208 and more upside might be appropriate. Key resistance would remain at 220 zones.

Natural Gas trading range for the day is expected among the key support at 182 and resistance at 205.

Recommendation:

·         Today again selling natgas on jumps around 194-196 with stop loss above 199 for targeting 190-187-184 and more down side might be appropriate.

·         In alternative scenario selling below 182.80 with stop loss above 186 for targeting 177-172-166 and more down side.

·         Buying above 205 with stop loss below 201 for targeting 209- 214 and more upside might be appropriate. 

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