EquityPandit’s Outlook for Natural Gas for the week   (Dec 03, 2018 – Dec 07, 2018) :

NATURAL GAS:

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

As we have mentioned last week, that support for the commodity lies in the zone of 285 to 290 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 265 to 270 from where the commodity broke out of December-2016 high and Fibonacci levels are lying. During the week the commodity manages to hit a low of 282 and close the week around the levels of 315.

Support for the commodity lies in the zone of 285 to 290 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 265 to 270 from where the commodity broke out of December-2016 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 335 to 340 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 355 to 360 where high for the month of November-2018 is lying.

Broad range for the commodity in the coming week can be seen between 285 – 290 on downside & 335 – 340 on upside.