EquityPandit’s Outlook for Natural Gas for the week  (July 03, 2017 – July 07, 2017) :

NATURAL GAS:

NATURAL GAS (193.80) closed the week on positive note gaining around 2.50%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 191 to 193. Resistance for the commodity lies in the zone of 200 to 202 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can move to the levels of 205 to 207 where 200 Daily moving averages are lying. During the week the commodity manages to hit a high of 202 and close the week around the levels of 194.

Support for the commodity lies in the zone of 191 to 193 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 185 to 186 where long term Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 196 to 197. Resistance for the commodity lies in the zone of 200 to 202 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can move to the levels of 206 to 208 where 200 Daily moving averages are lying.

Broad range for the commodity in the coming week can be seen between 185 – 187 on downside & 205 – 207 on upside.