EquityPandit’s Outlook for Natural Gas for the week  (Nov 27, 2017 – Dec 01, 2017) :

NATURAL GAS:

NATURAL GAS closed the week on negative note losing around 10.30%.

As we have mentioned last week, that support for the commodity lies in the zone of 202 to 204 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 195 to 197 where 200 daily moving averages are lying. Below these levels the commodity can drift to the levels of 189 to 191 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 180 and close the week around the levels of 182.

Support for the commodity lies in the zone of 175 to 177 where the commodity has formed a bottom in the month of August-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 170 to 172 where Fibonacci levels are lying.

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.

Broad range for the commodity in the coming week can be seen between 166 – 168 on downside & 195 – 197 on upside.