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Natural Gas Daily outlook on the basis of Technical Chart

MCX Natural gas January contract closed at 201 nice recovery after a sharp fall by 20.50 rupees. Natural gas has recovered nicely as we were expecting above 183 and settled above 200 zones. Today resistance would be at 203-205 zones if sustained above levels would bring 210-215-220 on cards. Support remains at 182 and below that retest to 175 may take place. Key support would be at 168.

Natural Gas trading range for the day is expected among the key support at 180 and resistance at 205.

Recommendation:

·         Today buying natgas on declines around 187-185 with stop loss below 180 for targeting 193-197-205-209 and more upside might be appropriate.

·         In alternative scenario buying above 205 with stop loss below 201 for targeting 209-213-217 and more upside might be appropriate. 

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