EquityPandit’s Outlook for Natural Gas for the week  (Dec 18, 2017 – Dec 22, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 7.50%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 166 and close the week around the levels of 167.

Support for the commodity lies in the zone of 165 to 167 from where the commodity has broken out on monthly basis. If the commodity manages to close below these levels then the commodity can witness a major break down and commodity can drift to the levels of 150 to 153.

Minor resistance for the commodity lies in the zone of 170 to 172. Resistance for the commodity lies in the zone of 176 to 180 from where the commodity has broken down. If the commodity manages to close above these levels then the commodity can move to the levels of 190 to 195 where Fibonacci levels and short, medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 150 – 155 on downside & 180 – 185 on upside.