Natural gas futures (₹321/mmBtu) rallied 14 per cent last week and closed at ₹316 on Friday. Now, the contract is trading above some key levels at ₹308 and ₹318, showing a positive bias.Supporting the bullish bias, the chart shows that natural gas has been forming higher highs and higher lows since early May and the price is also above the 21-day moving average.While the outlook is bullish at the moment, there is a chance for natural gas futures to see a corrective decline in price, possibly to ₹308-318 price band.After witnessing this correction, we expect natural gas futures to see an upswing, which can lift the price to ₹340 and subsequently to ₹370.On the other hand, if the contract slips below the support at ₹308, we can expect the downtrend to extend to ₹285, a support. Next support is at ₹280.But as it stands, the outlook is bullish. Nevertheless, traders can buy if there is a dip in price rather than going long at the current level of ₹321.Trade strategyBuy natural gas if the price dips to ₹310. Target and stop-loss can be ₹340 and ₹295 respectively.Published on June 1, 2026