EquityPandit’s Outlook for Natural Gas for the week  (May 15, 2017 – May 19, 2017) :

NATURAL GAS:

NATURAL GAS (219.70) closed the week on positive note gaining around 4.50%.

As we have mentioned last week that minor support for the commodity lies in the zone of 207 to 208. 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. During the week the commodity manages to hit a low of 202 and close the week around the levels of 220.

Support for the commodity lies in the zone of 213 to 215 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 203 to 205 where Fibonacci level and 200 Daily moving averages are lying.

Resistance for the commodity lies in the zone of 221 to 223 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 226 to 228 from where the commodity broke down on weekly basis.

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