EquityPandit’s Outlook for Natural Gas for the week   (Oct 08, 2018 – Oct 12, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 6.90%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 225 to 230 where the commodity has formed a high in the month of January-2018 and September-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 235 to 240. During the week the commodity manages to hit a high of 240 and close the week around the levels of 233.

Support for the commodity lies in the zone of 225 to 230 from where the commodity broke out of high formed in the month of January-2018 and September-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 208 to 210 from where the commodity broke out of July-2018 and August-2018 high.

Resistance for the commodity lies in the zone of 235 to 240. If the commodity manages to close above these levels then the commodity can move to the levels of 255 to 260 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 210 – 215 on downside & 250 – 255 on upside.