EquityPandit’s Outlook for Natural Gas for the week  (Oct 16, 2017 – Oct 19, 2017) :

NATURAL GAS:

NATURAL GAS (195.20) closed the week on positive note gaining around 3.70%.

As we have mentioned last week, that the commodity has closed just below the support 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. During the week the commodity manages to hit a low of 186 and close the week around the levels of 195.

Support for the commodity lies in the zone of 190 to 192 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 185 to 187 where the commodity has formed a low in the month of September-2017.

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

Broad range for the commodity in the coming week can be seen between 180 – 182 on downside & 210 – 212 on upside.