EquityPandit’s Outlook for Natural Gas for the week   (Oct 29, 2018 – Nov 02, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 1.90%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 229 and close the week around the levels of 236.

Support for the commodity lies in the zone of 228 to 231 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 222 to 225 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 250 to 255 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 220 – 225 on downside & 245 – 250 on upside.