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Natural Gas Technical View for short term traders.
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21-Jan-14 01:00PM
Natural gas January contract inched 14.90 rupees down to settle at 266.10. Naturalgas is trading in a rising channel and declined nicely from the resistance line of this channel and now good support near the key support of 250 zones. 10 weeks SMA is above 20 weeks SMA and 20 weeks SMA is also above 50 weeks SMA that is suggests that longer term and short term trends are in bullish posture. MACD is above zero line supporting bullishness in this commodity. Stochastic is declining from overbought territory but remains in bullish zone. Immediate support is now seen near 251 and then at 245. Any failure below 251 would open the doors for a retest to 246 zones. Key support would remain at 245 any sustained move below that level would bring more weakness and then decline towards 240-236 and more down side may take place. Resistance is now seen near 268 any sustained move above that level would bring a retest to 273-277 zones. Key resistance would remain at 277 any sustained move above that level would bring 300 and more upside in this commodity.
Trading range for the week is expected among the key support at 230 and resistance at 280.
Recommendation:
Selling Natural gas on jumps around 272-274 with stop loss above 277 for targeting 266-261 and more down side might be appropriate.
In alternative scenario selling below 266 with stop loss above 269 for targeting 262-258 and more down side might be appropriate.
In alternative scenario selling can be taken below 251 with stop loss above 251 for targeting 239-234 and more down side.
Buying can be taken above 277 with stop loss below 273 for targeting 281-287 and more upside might be appropriate.
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