EquityPandit’s Outlook for Natural Gas for the week   (Oct 22, 2018 – Oct 26, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 238 to 241 where Fibonacci levels are lying. 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. During the week the commodity manages to hit a high of 244 and close the week around the levels of 238.

Support for the commodity lies in the zone of 230 to 232 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 223 to 226 from where the commodity broke out of September-2018 high and Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 240 to 243 where Fibonacci levels are lying. 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 220 – 225 on downside & 250 – 255 on upside.