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Natural Gas Technical Outlook for Intraday traders

MCX Natural gas July contract closed at 181.20 it was changed up by 3.60 Rs. from previous day. Natural Gas looking weak this week, today support will be around 176 if sustain below this level some correction we can see in this counter for the target for 172-169. In the upside resistance is now seen near 183.50 if its sustained above this level we will see some upside rally for the 187-189.


 


Natural Gas trading range for the short term traders is expected among the key support at 166 and resistance at 200.


 


Recommendation:


 


·         Selling natgas on jumps around 180-181 with sl above 183.50 trgt will be 173.


·         Or selling below 177 with sl above 180 trgt 174-171.


·         Buy only above 183.50 sl below 180 for trgt 188-191 

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