EquityPandit’s Outlook for Natural Gas for the week  (Oct 30, 2017 – Nov 03, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 2.20%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 192 to 194. Resistance for the commodity lies in the zone of 198 to 200 where 200 daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 202 to 204 where long term Fibonacci levels are lying. Above these levels the commodity can move to the levels of 211 to 213 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 200 and close the week around the levels of 194.

Support for the commodity lies in the zone of 189 to 191 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 187 where the commodity has formed a low in the month of September-2017. Below these levels the commodity can drift to the levels of 174 to 176 where the commodity has formed a bottom in the month of August-2017.

Resistance for the commodity lies in the zone of 198 to 200 where 200 daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 202 to 204 where long term Fibonacci levels are lying. Above these levels the commodity can move to the levels of 211 to 213 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 170 – 172 on downside & 210 – 212 on upside.