EquityPandit’s Outlook for Natural Gas for the week   (Aug 27, 2018 – Aug 31, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 1.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 201 and close the week around the levels of 204.

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 190 – 195 on downside & 215 – 220 on upside.