EquityPandit’s Outlook for Natural Gas for the week  (Oct 23, 2017 – Oct 27, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 2.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 185 and close the week around the levels of 190.

Support for the commodity lies in the zone of 189 to 191 where Fibonacci levels 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. Below these levels the commodity can drift to the levels of 174 to 176 where the commodity has formed a bottom in the month of August-2017.

Minor resistance for the commodity lies in the zone of 192 to 194. 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 170 – 172 on downside & 210 – 212 on upside.