EquityPandit’s Outlook for Natural Gas for the week  (July 17, 2017 – July 21, 2017) :

NATURAL GAS:

NATURAL GAS (192.30) closed the week on positive note gaining around 3.80%.

As we have mentioned last week, that support for the commodity lies in the zone of 184 to 185 where lows for the month of June-2017 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 180 where long term Fibonacci level is lying. During the week the commodity manages to hit a low of 186 and close the week around the levels of 192.

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 184 to 185 where low for the month of June-2017 is lying.

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

Broad range for the commodity in the coming week can be seen between 180 – 182 on downside & 200 – 202 on upside.