EquityPandit’s Outlook for Natural Gas for the week   (Jan 21, 2019 – Jan 25, 2019) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 9.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 220 to 225 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move 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 high of 265 and close the week around the levels of 239.

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 205 to 210 where the commodity has taken multiple support.

Resistance for the commodity lies in the zone of 250 to 255 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 260 to 265 where Fibonacci levels are lying

Broad range for the commodity in the coming week can be seen between 210 – 220 on downside & 260 – 270 on upside.