EquityPandit’s Outlook for Natural Gas for the week   (June 18, 2018 – June 22, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 5.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 200 to 203 from where the commodity has sold off in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 210 to 215 where the gap is formed. During the week the commodity manages to hit a high of 208 and close the week around the levels of 206.

Support for the commodity lies in the zone of 200 to 203 from where the commodity broke out of May-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of 187 to 190 where Fibonacci levels and short term moving averages are lying.

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 190 – 195 on downside & 215 – 220 on upside.