EquityPandit’s Outlook for Natural Gas for the week   (Nov 12, 2018 – Nov 16, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 13.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 240 to 243 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 250 to 255 where long term Fibonacci levels are lying. During the week the commodity manages to hit a high of 276 and close the week around the levels of 272.

Minor support for the commodity lies in the zone of 269 to 270. Support for the commodity lies in the zone of 262 to 265 from where the commodity broke out of December-2016 high. If the commodity manages to close below these levels then the commodity can drift to the levels of 250 to 253 from where the commodity broke out of October-2018 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 277 to 280 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 286 to 290 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 250 – 255 on downside & 285 – 290 on upside.