EquityPandit’s Outlook for Natural Gas for the week  (Oct 03, 2017 – Oct 06, 2017) :

NATURAL GAS:

NATURAL GAS (198.40) closed the week on positive note gaining around 3.00%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 194 to 196 where medium term 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 200 daily moving averages are lying. During the week the commodity manages to hit a high of 204 and close the week around the levels of 198.40.

Minor support for the commodity lies in the zone of 193 to 195. Support for the commodity lies in the zone of 188 to 190 where short term moving averages and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 182 to 184 where the commodity has taken multiple supports.

Resistance for the commodity lies in the zone of 202 to 204 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 218 to 220 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 185 – 187 on downside & 210 – 212 on upside.