EquityPandit’s Outlook for Natural Gas for the week  (Aug 07, 2017 – Aug 11, 2017) :

NATURAL GAS:

NATURAL GAS (178.10) closed the week on negative note losing around 6.00%.

As we have mentioned last week, that support for the commodity lies in the zone of 189 to 190 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 184 to 185 where low for the month of June-2017 is lying. During the week the commodity manages to hit a low of 176 and close the week around the levels of 178.

Support for the commodity lies in the zone of 170 to 172 where the commodity has formed a double bottom in the month of Nov-2016 and Feb-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 164 to 166 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 184 to 186 from where the commodity has broken down from the June-2017 lows. If the commodity manages to close above these levels then the commodity can move to the levels of 190 to 192 where Fibonacci levels and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 168 – 170 on downside & 188 – 190 on upside.