I assume a 2 18650 mod? With regulated mod, the resistance isn't used on the battery side of things in calculations. With regulated mod, there are 2 sides. On the battery side, I like to use a approximate voltage from a discharge chart. Say ~3.6 volts per cell. So, we have 7.2 volts in a 2 cell series mod. We set the device to 120 watts. 120/7.2 = 16.67 amps. To the batteries this looks like a 0.432 ohm load. We also have to remember circuit losses. So the battery side will be a bit higher. On the atty side, say we have a 0.2 ohm atty. To get voltage from power and resistance, its the square root of P/R so I use the Ohms law calculator. So at 120 watts, 0.2 ohm load, the atty would see 4.89 volts at around 24.5 amps.
120 watts
Battery side:
~7.2 volts under load
~16.67 amps (slightly more due to losses)
looks like a 0.432 ohm load to the battery.
atty side:
0.2 ohm load
~4.89 volts
~24.5 amps