EquityPandit’s Outlook for Natural Gas for the week   (July 02, 2018 – July 06, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 0.50%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 203 to 205. Resistance for the commodity lies in the zone of 210 to 215 where the gap is formed in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 225 to 230 where the commodity has formed a high in the month of January-2018. During the week the commodity manages to hit a high of 209 and close the week around the levels of 201.

Support for the commodity lies in the zone of 190 to 195 where short; medium 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 185 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 203 to 205. Resistance for the commodity lies in the zone of 210 to 215 where the gap is formed in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 225 to 230 where the commodity has formed a high in the month of January-2018.

Broad range for the commodity in the coming week can be seen between 180 – 185 on downside & 215 – 220 on upside.