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Natural Gas

MCX Naturalgas opened sharply lower with a downward gap and selling pressure throughout the session. The chart pattern suggests that if Naturalgas breaks and sustains below 678 level it would witness selling which would drag It towards 660-650 levels. Important resistance for the day is placed at 690.

SELL NATURAL GAS BELOW 678 SL ABOVE 688 TGT 660/650

Crude Oil

MCX Crudeoil opened on a flat note and remained in a small range throughout the day. The hourly strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. The price is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating sustained up trend.

BUY CRUDE OIL ABOVE 8950 SL BELOW 8300 TGT 9130/9200

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