EquityPandit’s Outlook for Natural Gas for the week  (April 17, 2017 – April 21, 2017) :

NATURAL GAS:

NATURAL GAS (207.10) closed the week on negative note losing around 1.40%.

As we have mentioned last week that minor support for the commodity lies in the zone of 206 to 208. Support for the commodity lies in the zone of 201 to 203 where Fibonacci level and 200 Daily SMA is lying. Support for the commodity lies in the zone of 194 to 196 from where the commodity broke out after consolidation. If the commodity manages to close below these levels then the commodity can drift to the levels of 188 to 190 where Fibonacci level is lying. During the week the commodity manages to hit a low of 203 and close the week around the levels of 207.

Support for the commodity lies in the zone of 201 to 203 where Fibonacci level and 200 Daily SMA is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 194 to 196 from where the commodity broke out after consolidation.

Minor resistance for the commodity lies in the zone of 209 to 211. Resistance for the commodity lies in the zone of 215 to 217 where long term Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 221 to 223 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 198 – 200 on downside & 215 – 217 on upside.