EquityPandit’s Outlook for Natural Gas for the week   (Nov 19, 2018 – Nov 23, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 9.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 359 and close the week around the levels of 297.

Support for the commodity lies in the zone of 285 to 290 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 265 to 270 from where the commodity broke out of December-2016 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 325 to 330 from where the commodity has broken down on Intraday basis. If the commodity manages to close above these levels then the commodity can move to the levels of 355 to 360.

Broad range for the commodity in the coming week can be seen between 255 – 265 on downside & 350 – 360 on upside.