EquityPandit’s Outlook for Natural Gas for the week   (Aug 06, 2018 – Aug 10, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 2.00%.

As we have mentioned last week, that support for the commodity lies in the zone of 187 to 190 where medium and long term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 182 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 188 and close the week around the levels of 196.

Support for the commodity lies in the zone of 187 to 190 where medium and long term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 182 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 195 to 198. Resistance for the commodity lies in the zone of 205 to 210 where high for the month of June-2018 is lying. 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 & 205 – 210 on upside.