EquityPandit’s Outlook for Natural Gas for the week  (Aug 14, 2017 – Aug 18, 2017) :

NATURAL GAS:

NATURAL GAS (191.70) closed the week on positive note gaining around 7.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 184 to 186 from where the commodity has broken down from the June-2017 lows. If the commodity manages to close above these levels then the commodity can move to the levels of 190 to 192 where Fibonacci levels and short term moving averages are lying. During the week the commodity manages to hit a high of 193 and close the week around the levels of 192.

Support for the commodity lies in the zone of 188 to 190 where Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 183 to 185 where break out level for the commodity is lying.

Resistance for the commodity lies in the zone of 194 to 196 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 199 to 201 where Fibonacci levels and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 182 – 184 on downside & 200 – 202 on upside.