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Natural Gas May Trade Downfall

Published 03/04/2014, 02:05 AM
Updated 05/14/2017, 06:45 AM



Natural gas showcased massive downfall in the first three days of the week and prices fell to two month low. The counter has managed to show a minor recovery in the last two days of the week. Going forward, the price pattern suggest the downfall is likely to continue in the prices where in Rs 274 per mmbtu on daily chart could be seen as an strong support level for the counter and closing below the same could bring the counter close to the level of Rs 255 per mmbtu in the near future. Short term indicator RSI suggest the counter is under over sold zone and a short term bounce back could be seen. Any bounce back would be an opportunity to initiate fresh short positions in the counter for upcoming week.

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