EquityPandit’s Outlook for Natural Gas for the week   (Mar 05, 2019 – Mar 08, 2019) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 5.50%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 190 to 195. Resistance for the commodity lies in the zone of 200 to 205 from where the commodity broke down from January-2019 low. If the commodity manages to close above these levels then the commodity can move to the levels of 215 to 220 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 204 and close the week around the levels of 203.

Minor support for the commodity lies in the zone of 195 to 198. Support for the commodity lies in the zone of 185 to 190 where break out 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 long term Fibonacci levels and low for the month of February-2019 are lying.

Resistance for the commodity lies in the zone of 205 to 210 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 220 to 225 where Fibonacci levels and medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 180 – 185 on downside & 220 – 225 on upside.