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Technical Analysis
Bearish Engulfing Pattern signaling in Natural Gas for short
Posted by
08-May-14 04:19PM
Natural gas April contract closed at 283.80 down up 4.80 rupees. Natural gas closed just nearer the previous lows forming bearish engulfing pattern may trigger some weakness. Today price objective for bulls would be 291 any sustained move above 291 would bring 293 and key resistance would remain at 294 and penetration of that level would bring 300-304 on cards. Support is now seen near 283 and then at 280 any failure of 280 would bring 274 and more down side.
Natural gas inventory data is also due out today which is expected 71B against 82B. Forecast is showing decline in inventory that may support this commodity.
Natural Gas trading range for the day is expected among the key support at 280 and resistance at 290.
Recommendation:
Buying natural gas around 286-284 with stop loss below 281 for targeting 300-304 and more upside might be appropriate in short term.
In alternative scenario buying above 294 with stop loss below 289 for targeting 300-304 and more upside might be appropriate.
Selling below 280 with stop loss above 284 for targeting 276-273 and more down side.
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