EquityPandit’s Outlook for Natural Gas for the week (March 06, 2017 – March 10, 2017) :

NATURAL GAS:

NATURAL GAS (187.10) closed the week with a positive note gaining around 1.50%.

As we have mentioned last week that resistance for the commodity lies in the zone of 188 to 190 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 197 to 199 where 200 Daily SMA is lying. During the week the commodity manages to hit a high of 189.90 and close the week around the levels of 187.10.

Minor support for the commodity lies in the zone of 181 to 183. Support for the commodity lies in the zone of 171 to 173 where the commodity has formed a bottom in the month of November-2016 and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 162 to 164 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 188 to 190 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 197 to 199 where 200 Daily SMA is lying.

Broad range for the commodity in the coming week can be seen between 178 – 180 on downside and 194 – 196 on upside.