EquityPandit’s Outlook for Natural Gas for the week   (Jan 28, 2019 – Feb 1, 2019) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 5.80%.

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 205 to 210 where the commodity has taken multiple support. During the week the commodity manages to hit a low of 213 and close the week around the levels of 225.

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.

Minor resistance for the commodity lies around 230 to 235. 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 200 – 210 on downside & 250 – 260 on upside.