EquityPandit’s Outlook for Natural Gas for the week   (Sep 24, 2018 – Sep 28, 2018) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 7.80%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 203 to 205. Resistance for the commodity lies in the zone of 208 to 210 where high for the month of June-2018 and August-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 225 to 230 where the commodity has formed a high in the month of January-2018. During the week the commodity manages to hit a high of 216 and close the week around the levels of 215.

Support for the commodity lies in the zone of 208 to 210 from where the commodity broke out of July-2018 and August-2018 high. If the commodity manages to close below these levels then the commodity can drift to the levels of 200 to 203 where Fibonacci levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 225 to 230 where the commodity has formed a high in the month of January-2018. If the commodity manages to close above these levels then the commodity can move to the levels of 235 to 240.

Broad range for the commodity in the coming week can be seen between 195 – 200 on downside & 230 – 235 on upside.