EquityPandit’s Outlook for Natural Gas for the week (February 27, 2017 – March 03, 2017) :

NATURAL GAS:

NATURAL GAS (184.40) closed the week with a negative note losing around 3.60%.

As we have mentioned last week that support for the commodity lies in the zone of 188 to 190 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 180 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 169 and close the week around the levels of 184.40.

Minor support for the commodity lies in the zone of 180 to 182. Support for the commodity lies in the zone of 171 to 173 where the commodity has formed a bottom in the month of November-2016 and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 162 to 164 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 188 to 190 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 197 to 199 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 173 – 175 on downside and 192 – 194 on upside.