EquityPandit’s Outlook for Natural Gas for the week  (Dec 04, 2017 – Dec 08, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 9.20%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 184 to 186. Resistance for the commodity lies in the zone of 189 to 191 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 195 to 197 where 200 daily moving averages are lying. During the week the commodity manages to hit a high of 208 and close the week around the levels of 199.

Support for the commodity lies in the zone of 190 to 195 where Fibonacci levels and short, medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 176 to 180 where the commodity has formed a bottom in the month of August-2017 and November-2017.

Resistance for the commodity lies in the zone of 203 to 206 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 212 to 215 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 175 – 180 on downside & 215 – 220 on upside.