EquityPandit’s Outlook for Natural Gas for the week   (May 07, 2018 – May 11, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 2.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 185 to 189 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 200 to 205 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 189 and close the week around the levels of 182.

Minor support for the commodity lies in the zone of 178 to 180. Support for the commodity lies in the zone of 164 to 170 where the commodity has formed a bottom in the month of December-2017 and Fibonacci levels are lying. 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 185 to 189 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 200 to 205 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 165 – 170 on downside & 200 – 205 on upside.