EquityPandit’s Outlook for Natural Gas for the week   (Dec 17, 2018 – Dec 21, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 14.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 335 and close the week around the levels of 278.

Support for the commodity lies in the zone of 265 to 270 from where the commodity broke out of December-2016 high and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 255 to 260 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 285 to 290 where long term Fibonacci levels 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 310 to 315 where channel resistance and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 260 – 265 on downside & 295 – 300 on upside.