EquityPandit’s Outlook for Natural Gas for the week   (Dec 31, 2018 – Jan 04, 2019) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 12.40%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 231 and close the week around the levels of 232.

Support for the commodity lies in the zone of 220 to 225 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 205 to 210 where break out levels and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 235 to 240 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 250 to 255 from where the commodity broke down after consolidation, Fibonacci levels and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 205 – 210 on downside & 255 – 260 on upside.