Natural gas moved lower as traders sold off contracts and booked profits after the recent run up in gas prices. Revised forecasts, which continued to call for cold weather over the next few weeks, were providing some support for prices. Natural Gas yesterday we have seen that market has moved -0.18%.

Market has opened at 278.9 & made a low of 274.8 versus the day high of 281.6. The total volume for the day was at 29171 lots and the open interest was at 6577. Now support for the Natural Gas is seen at 273.70 and below could see a test of 270.80. Resistance is now likely to be seen at 280.50, a move above could see prices testing 284.40.

Trading Ideas:

Natural gas trading range is 260-290.

Natural gas moved lower profit booking after the recent run up in gas prices

Now resistance is at 279.80 above this a rally till 283-286 can be seen.

Revised forecasts for cold weather were providing some support for prices.

SELL NAT.GAS JAN @ 278 SL 281.20 TGT 275.80-273.50-271.50-269.MCX.