EquityPandit’s Outlook for Natural Gas for the week  (June 12, 2017 – June 16, 2017) :

NATURAL GAS:

NATURAL GAS (196) closed the week on positive note gaining around 1.20%.

As we have mentioned last week that support for the commodity lies in the zone of 189 to 190 where Fibonacci levels are 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 levels are lying. Below these levels the commodity can drift to the levels of 178 to 180. During the week the commodity manages to hit a low of 189 and close the week around the levels of 196.

Support for the commodity lies in the zone of 189 to 190 where Fibonacci levels are 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 levels are lying. Below these levels the commodity can drift to the levels of 178 to 180.

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 drift to the levels of 204 to 205 where short, medium and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 185 – 187 on downside & 204 – 206 on upside.