EquityPandit’s Outlook for Natural Gas for the week (February 20, 2017 – February 24, 2017) :

NATURAL GAS:

NATURAL GAS (191.20) closed the week with a negative note losing around 6.30%.

As we have mentioned last week that minor support for the commodity lies in the zone of 200 to 202 where Fibonacci level is lying. Support for the commodity lies in the zone of 195 to 197 where 200 Daily SMA is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 188 to 190 where Fibonacci level is lying. During the week the commodity manages to hit a low of 190.60 and close the week around the levels of 191.20.

Support for the commodity lies in the zone of 188 to 190 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 180 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 195 to 197 where 200 Daily SMA is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 201 to 203 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 182 – 184 on downside and 198 – 200 on upside.