EquityPandit’s Outlook for Natural Gas for the week   (Dec 24, 2018 – Dec 28, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 3.90%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 251 and close the week around the levels of 265.

Minor support for the commodity lies in the zone of 258 to 260. Support for the commodity lies in the zone of 250 to 255 from where the commodity broke out of October-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of 235 to 240 where Fibonacci levels and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 270 to 275. Resistance for the commodity lies in the zone of 280 to 285 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 245 – 250 on downside & 285 – 290 on upside.