EquityPandit’s Outlook for Natural Gas for the week   (Mar 05, 2018 – Mar 09, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 4.10%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 176 to 178 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 190 to 195 where Fibonacci levels and short; medium & long term moving averages are lying. During the week the commodity manages to hit a high of 179 and close the week around the levels of 177.

Minor support for the commodity lies in the zone of 170 to 172. Support for the commodity lies in the zone of 164 to 168 where the commodity has formed a bottom in the month of December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 148 to 150.

Resistance for the commodity lies in the zone of 176 to 178 where long term Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 185 to 190 where Fibonacci levels and short; medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 160 – 165 on downside & 190 – 195 on upside.