EquityPandit’s Outlook for Natural Gas for the week  (June 05, 2017 – June 09, 2017) :

NATURAL GAS:

NATURAL GAS (193.70) closed the week on negative note losing around 9.50%.

As we have mentioned last week that 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. During the week the commodity manages to hit a high of 214 and close the week around the levels of 194.

Support for the commodity lies in the zone of 189 to 190 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 185 to 186 where long term Fibonacci levels are lying. Below these levels the commodity can drift to the levels of 178 to 180.

Minor resistance for the commodity 196 to 197. Resistance for the commodity lies in the zone of 200 to 202 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 204 to 205 where short, medium and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 185 – 187 on downside & 204 – 206 on upside.