EquityPandit’s Outlook for Natural Gas for the week   (Jan 29, 2018 – Feb 02, 2018) :

NATURAL GAS:

NATURAL GAS 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 202 to 205 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 220 to 225 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 230 and close the week around the levels of 219.

Support for the commodity lies in the zone of 210 to 215 from where the commodity broke out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 202 to 205 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 225 to 230 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 250 to 255 from where the commodity sold off in the month of January-2017.

Broad range for the commodity in the coming week can be seen between 190 – 195 on downside & 250 – 255 on upside.