EquityPandit’s Outlook for Natural Gas for the week  (April 24, 2017 – April 28, 2017) :

NATURAL GAS:

NATURAL GAS (201.20) closed the week on negative note losing around 2.80%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 209 to 211. Resistance for the commodity lies in the zone of 215 to 217 where long term Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 221 to 223 where Fibonacci level is lying. During the week the commodity manages to hit a high of 208 and close the week around the levels of 201.

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 189 to 190 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 203 to 205 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 209 to 211 from where the commodity broke down.

Broad range for the commodity in the coming week can be seen between 190 – 192 on downside & 210 – 212 on upside.