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NG: Compression

Natural Gas (NG) has taken support near the lower end of the medium term falling channel. The daily momentum indicator is suggesting that a short term recovery is likely. Support is at Rs116.3. On the upside, the short term target is Rs135. From a medium term perspective, the compression of Bollinger Bands suggests that NG is likely to trade in the broad range of Rs140 – 115 and can form a triangle or a wedge in this range.
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