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Natural Gas Technical Outlook

Natural gas yesterday hit 5 month high after thrusday weather forecast.

Natural gas November contract closed at 247.20 up by 1.60 rupees. Natural gas headed intraday high of 247.40 and then settled nearer the same. Overall trend is up in this commodity and it is likely to head towards 254-270 zones in coming days.

Support is now seen near 243.60 and then at 238 any sustained move below 238 may hurt current developments and then we may see range trading among key support of 215 and resistance at 254. Stability above 238 remains extreme bullish for this commodity and sustained move with closing above 258 would result in a rally towards 274-280 zones during this rally.

Trading range for the day is expected among the key support at 210 and resistance at 270.

Recommendation:

* Selling nat gas below 243 with stop loss above 247 for targeting 240 and more down side.

* In alternative scenario buying nat gas above 248 with stop loss below 245 for targeting 250-252-256 and more upside.

* In other possible scenario buying can be taken on declines around 237-235 with stop loss below 225 for targeting 256-270 and more upside.

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