EquityPandit’s Outlook for Natural Gas for the week   (Feb 18, 2019 – Feb 22, 2019) :

NATURAL GAS:

NATURAL GAS closed the week on positive note gaining around 0.90%.

As we have mentioned last week, that minor resistance for the commodity lies in the zone of 190 to 195. Resistance for the commodity lies in the zone of 200 to 205 from where the commodity broke down from January-2019 low. If the commodity manages to close above these levels then the commodity can move to the levels of 215 to 220 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 196 and close the week around the levels of 186.

Minor resistance for the commodity lies in the zone of 183 to 185. Support for the commodity lies in the zone of 175 to 180 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 160 to 165 where the commodity has taken multiple support in the month of February-2018 and March-2018.

Minor resistance for the commodity lies in the zone of 190 to 195. Resistance for the commodity lies in the zone of 200 to 205 from where the commodity broke down from January-2019 low. If the commodity manages to close above these levels then the commodity can move to the levels of 215 to 220 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 165 – 175 on downside & 195 – 205 on upside.