EquityPandit’s Outlook for Natural Gas for the week  (April 03, 2017 – April 07, 2017) :

NATURAL GAS:

NATURAL GAS (205.80) closed the week on a positive note gaining around 2.75%.

As we have mentioned last week that support for the commodity lies in the zone of 194 to 196 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 188 to 190 where Fibonacci level is lying. During the week the commodity manages to hit a low of 196 and close the week around the levels of 205.80.

Support for the commodity lies in the zone of 201 to 203 where Fibonacci level and 200 Daily SMA is lying. Support for the commodity lies in the zone of 194 to 196 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 188 to 190 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 207 to 208. Resistance for the commodity lies in the zone of 210 to 212 where medium term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 215 to 217 where long term Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 195 – 197 on downside & 215 – 217 on upside.