Crime Today News
Natural gas futures saw some recovery in price over the past week. After marking a low of ₹321.40 (per mmBtu) last week, the contract rose to mark a high of ₹363.80 early this week.
That said, the chances of a decline below ₹321 has not faded away. Although this level can act as a support, natural gas futures can drop to ₹310, where it is expected to meet a rising trendline support. Just below this is the key base of ₹300.
Therefore, the price band of ₹300-310 is where the tide is expected to change in favour of the bulls. A potential rally from this support can lift natural gas futures to ₹425.
However, if the support at ₹300 is breached, the bears can gain more traction. In such a case we can see a sharp fall to ₹260, a price level crucial from the perspective of medium-term trend. So, a breach of this can lead to natural gas remaining bearish, possibly for months.
Nevertheless, as it stands, the bulls have an advantage until the support at ₹300 holds true. But we suggest traders wait for a dip before going long.
Trading strategy
Buy natural gas futures if the price dips to ₹315. Place stop-loss at ₹285. Traders can look for a target of ₹425.
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