After the high voltage action seen in the month of February this year the energy counter looks to gath-er fresh momentum once it unfolds from the current consolidation as the major trend remains up.
The energy counter gained some positive momentum during the week where the prices formed a good support around Rs 268/mmbtu and cleared the previ-ous week’s resistance of Rs 280.40 /mmbtu odd levels. After the high voltage action seen in the month of February this year the energy counter looks to gath-er fresh momentum once it unfolds from the current consolidation as the major trend remains up. Prices look to form an intermediate bottom around Rs 250/mmbtu odd levels and are in the process of forming a potential double bottom pattern on the short term charts, where any close above Rs 294/mmbtu will confirm the resumption of the uptrend . Based on technical evidences we recommend traders to buy Natural Gas around Rs 268-270/mmbtu with a stop loss below 250/mmbtu.