EquityPandit’s Outlook for Natural Gas for the week  (May 01, 2017 – May 05, 2017) :

NATURAL GAS:

NATURAL GAS (212.10) closed the week on positive note gaining around 5.40%.

As we have mentioned last week that support for the commodity lies in the zone of 194 to 196 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 189 to 190 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 194.60 and close the week around the levels of 212.

Support for the commodity lies in the zone of 203 to 205 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 197 to 198 where short term moving averages are lying.

Resistance for the commodity lies in the zone of 213 to 215 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 221 to 223 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 200 – 202 on downside & 220 – 222 on upside.