EquityPandit’s Outlook for Natural Gas for the week   (July 16, 2018 – July 20, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 3.60%.

As we have mentioned last week, that support for the commodity lies in the zone of 190 to 195 where short; medium and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 180 to 185 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 189 and close the week around the levels of 190.

Support for the commodity lies in the zone of 187 to 190 where medium and long term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 178 to 182 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 195 to 198. Resistance for the commodity lies in the zone of 210 to 215 where the gap is formed in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 225 to 230 where the commodity has formed a high in the month of January-2018.

Broad range for the commodity in the coming week can be seen between 175 – 180 on downside & 205 – 210 on upside.