EquityPandit’s Outlook for Natural Gas for the week  (Nov 13, 2017 – Nov 17, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 7.80%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 198 to 200 where 200 daily moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 202 to 204 where long term Fibonacci levels are lying. Above these levels the commodity can move to the levels of 211 to 213 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 210 and close the week around the levels of 209.

Support for the commodity lies in the zone of 202 to 204 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 195 to 197 where 200 daily moving averages are lying. Below these levels the commodity can drift to the levels of 189 to 191 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 211 to 213 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 220 to 222 where the commodity has formed a top in the month of May-2017 and long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 190 – 193 on downside & 222 – 225 on upside.