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Natural Gas technical outlook for traders

MCX Natural Gas April contract settled at 203.90 changed downsides by 5.50 rs. from yesterday closing price. Gas is looking as per daily charts for intraday; today support will be at 203, if sustained below this level it will create panic for buyers, more weakness possible and then it will move towards 195-190 areas. In the lower side, strongest support area will be at 188. In the upper side, the trader can sell around the Resistance area, which is now seen near 211.10 and then at 213. It is safe till it will not sustain above 213 then upside move towards 218-222 areas.

 

The trading range for the day is expected among the key support at 203 and resistance at 213.

 

Recommendation: As per technical chart this counter is moving lower side now, one more thing there is no demand right now for this counter. Sell around resistance or sell below supportive area.

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