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Fundamental Analysis
Natural Gas Technical view on Inventory Data
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3 January, 2014, 1:59 PM
Natural gas January contract closed at 269.50 up by 5.40 rupees.
Natural gas is getting good support near 20 days SMA and buying interest coming in this commodity near this line. Today price objective for bulls would be 272 any sustained move above that level would bring more charm in this commodity and then a rally towards 276 and more upside may take place. Support is now seen near 261 any sustained move below this level would bring more weakness and then retest to 257 and more down side may take place.
Natural gas inventory expectations are -125B against -177B showing low demand and negative for this commodity.
Trading range for the day is expected among the key support at 252 and resistance at 285.
Recommendation:
* Today buying natural gas on declines around 263-265 with stop loss below 260 for targeting 270-274 and more upside.
* In alternative scenario buying above 272 with stop loss below 269 for targeting 275-77 and more upside might be appropriate.
* Selling can be taken below 260 with stop loss above 263 for targeting 257 and more down side.
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