EquityPandit’s Outlook for Natural Gas for the week   (Feb 4, 2019 – Feb 8, 2019) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 12.20%.

As we have mentioned last week, that support for the commodity lies in the zone of 215 to 220 where break out levels and Fibonacci levels are lying.. If the commodity manages to close below these levels then the commodity can drift to the levels of 200 to 205 where the commodity has taken multiple support and trend-line support for the commodity lies. During the week the commodity manages to hit a low of 196 and close the week around the levels of 197.

Support for the commodity lies in the zone of 185 to 190 where trend-line support for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 175 to 180 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 200 to 205 from where the commodity broke down from January-2019 low. If the commodity manages to close above these levels then the commodity can move to the levels of 215 to 220 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 170 – 180 on downside & 220 – 230 on upside.