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NG: At crucial support

After breaking down from the triangle MCX Natural Gas (NG) broke the low of Rs112.3. It however didn’t follow through on the downside. Buying interest can be seen as the gas has reached the lower end of the long term falling channel. The daily momentum indicator is showing a positive divergence and suggesting that a recovery is likely.Unless the low of Rs111 is broken NG could form a double bottom. The key levels on the upside in the short term are Rs125 – Rs136.7.

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