EquityPandit’s Outlook for Natural Gas for the week   (Aug 20, 2018 – Aug 24, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 206 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. During the week the commodity manages to hit a high of 209 and close the week around the levels of 207.

Minor support for the commodity lies in the zone of 200 to 202. Support for the commodity lies in the zone of 190 to 194 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.

Resistance for the commodity lies in the zone of 208 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 195 – 200 on downside & 220 – 225 on upside.