EquityPandit’s Outlook for Natural Gas for the week   (Apr 23, 2018 – Apr 27, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 180 to 185 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 200 to 205 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 184 and close the week around the levels of 181.

Minor support for the commodity lies in the zone of 172 to 175. Support for the commodity lies in the zone of 164 to 168 where the commodity has formed a bottom in the month of December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 148 to 150.

Resistance for the commodity lies in the zone of 180 to 185 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 200 to 205 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 160 – 165 on downside & 200 – 205 on upside.