EquityPandit’s Outlook for Natural Gas for the week   ( Jan 08, 2018 – Jan 12, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 6.60%.

As we have mentioned last week, that 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 202 to 205 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 197 and close the week around the levels of 177.

Support for the commodity lies in the zone of 171 to 173 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 165 to 167 from where the commodity has broken out on monthly basis.

Minor resistance for the commodity lies in the zone of 181 to 184. 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 202 to 205 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 165 – 170 on downside & 190 – 195 on upside.