EquityPandit’s Outlook for Natural Gas for the week   (Feb 05, 2018 – Feb 09, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 15.50%.

As we have mentioned last week, that support for the commodity lies in the zone of 210 to 215 from where the commodity broke out of November-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 202 to 205 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 182 and close the week around the levels of 185.

Support for the commodity lies in the zone of 176 to 178 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 164 to 168 where the commodity has formed a bottom in the month of December-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 207 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 165 – 170 on downside & 205 – 210 on upside.