EquityPandit’s Outlook for Natural Gas for the week   (May 28, 2018 – June 01, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 3.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 200 to 203 from where the commodity has sold off in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 210 to 215 where the gap is formed. During the week the commodity manages to hit a high of 203 and close the week around the levels of 201.

Minor support for the commodity lies in the zone of 194 to 196. Support for the commodity lies in the zone of 187 to 190 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 180 to 183 from where the commodity broke out and short & medium term moving averages are lying.

Resistance for the commodity lies in the zone of 200 to 203 from where the commodity has sold off in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 210 to 215 where the gap is formed.

Broad range for the commodity in the coming week can be seen between 180 – 185 on downside & 210 – 215 on upside.