Natural gas futures lost about 12 per cent last week. The January contract is now quoted at ₹290 per mmBtu and the price action remains bearish.
Nevertheless, the region between ₹285 and ₹300 is a support where a trendline also lies. So, there might be a slowdown in the sell-off. This could lead to a consolidation phase or there might even be a corrective rally if not a bullish trend reversal.
Once the bulls get some hold and start pushing the price up, natural gas futures can rally to ₹350. The uptrend might extend to ₹375.
On the other hand, if the contract breaches the support at ₹285, the downswing could extend to ₹230, a notable support. Subsequent base is at ₹205.
Overall, as it stands, although the bears appear to be in control, the support band of ₹285-300 might give some breathing space for the bulls, at least temporarily.
Trade strategy
Go long on natural gas futures (January) now at ₹290. Place stop-loss at ₹270 at first. Raise the stop-loss to ₹300 when the contract moves up to ₹325. Book profits at ₹350.
Published on January 12, 2026
