EquityPandit’s Outlook for Natural Gas for the week   (May 14, 2018 – May 18, 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 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 191 and close the week around the levels of 190.

Minor support for the commodity lies in the zone of 185 to 186. Support for the commodity lies in the zone of 178 to 182 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 164 to 170 where the commodity has formed a bottom in the month of December-2017 and Fibonacci levels are lying..

Resistance for the commodity lies in the zone of 190 to 195 where the commodity has formed a top in the month of February-2018. 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 170 – 175 on downside & 205 – 210 on upside.