EquityPandit’s Outlook for Natural Gas for the week  (Dec 11, 2017 – Dec 15, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 9.50%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 203 to 206 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 212 to 215 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 202 and close the week around the levels of 180.

Support for the commodity lies in the zone of 176 to 180 where the commodity has formed a bottom in the month of August-2017 and November-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 168 to 170 where the commodity has formed a bottom in the month of February-2017.

Resistance for the commodity lies in the zone of 190 to 195 where Fibonacci levels and short, medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 203 to 206 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 165 – 168 on downside & 200 – 205 on upside.