EquityPandit’s Outlook for Natural Gas for the week  (May 29, 2017 – June 02, 2017) :

NATURAL GAS:

NATURAL GAS (214.20) closed the week on positive note gaining around 1.70%.

As we have mentioned last week that minor support for the commodity lies in the zone of 207 to 208. Support for the commodity lies in the zone of 203 to 205 where Fibonacci level and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 198 to 200. During the week the commodity manages to hit a low of 203 and close the week around the levels of 214.

Minor support for the commodity lies in the zone of 209 to 211. Support for the commodity lies in the zone of 203 to 205 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 198 to 200.

Minor resistance for the commodity lies in the zone of 213 to 215. Resistance for the commodity lies in the zone of 221 to 223 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 226 to 228 from where the commodity broke down on weekly basis.

Broad range for the commodity in the coming week can be seen between 203 – 205 on downside & 224 – 226 on upside.