EquityPandit’s Outlook for Natural Gas for the week  (Aug 21, 2017 – Aug 25, 2017) :

NATURAL GAS:

NATURAL GAS (186) closed the week on negative note losing around 3.00%.

As we have mentioned last week, that support for the commodity lies in the zone of 188 to 190 where Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 183 to 185 where break out level for the commodity is lying. During the week the commodity manages to hit a low of 183 and close the week around the levels of 186.

Support for the commodity lies in the zone of 183 to 185 where break out level for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 180 where the commodity has formed a short term bottom.

Resistance for the commodity lies in the zone of 188 to 190 where Fibonacci level and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 194 to 196 from where the commodity has broken down.

Broad range for the commodity in the coming week can be seen between 172 – 174 on downside & 200 – 202 on upside.