Natural gas December contract closed at 263.90 down by 8.60 rupees. Natural gas price 277 are crucial resistance zones and commodity may have hard time to cross those levels.
Today price objective for bulls would be 273 and then 277 any sustained move above 277 would call for a retest to 284-290 zones. Support is now seen near 257 and stability above that level remains bullish for this commodity whereas failure of 257 may bring 252 and more down side on cards.
Trading range for the day is expected among the key support at 255 and resistance at 278.
* Today again selling natural gas on jumps around 269-271 with stop loss above 275 for targeting 265-260 and 255.
* In alternative scenario selling can be taken below 260 with stop loss above 264 for targeting 257-254 and more down side.
* Today buying natural gas above 277 with stop loss below 272 for targeting 280 and more upside might be appropriate.
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