EquityPandit’s Outlook for Natural Gas for the week   ( Jan 01, 2018 – Jan 05, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 11.60%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 170 to 172. Resistance for the commodity lies in the zone of 176 to 180 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 190 to 195 where Fibonacci levels and short, medium & long 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 190.

Support for the commodity lies in the zone of 180 to 183 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 165 to 167 from where the commodity has broken out on monthly basis.

Resistance for the commodity lies in the zone of 190 to 195 where Fibonacci levels and short, medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 202 to 205 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 165 – 170 on downside & 200 – 205 on upside.