Overall view on Natural Gas - Update of July 8th's week
Natural gas has been selling off since the beginning of the year. With the EIA inventory cut due to the Atlantic Hurricane threat, we are likely to see a surge on prices. In fact, the energy commodity is still consolidating on a tight 0.130$ per unit range while being bullish.
Possible targets: @2.500 (+40 pips or 0.04$ per m3) and @2.600 (+140 pips or 0.14$ per m3) or 2.265 (+100 pips or 0.10$ per m3) if we break downside @2.370 level.
Advice: Stay bullish and buy at any low point while we don't break the @2.370 bottom level.
Possible targets: @2.500 (+40 pips or 0.04$ per m3) and @2.600 (+140 pips or 0.14$ per m3) or 2.265 (+100 pips or 0.10$ per m3) if we break downside @2.370 level.
Advice: Stay bullish and buy at any low point while we don't break the @2.370 bottom level.
Trade closed: target reached:
@2.500 level was reached preceding a rotation due to the fact that the security is still inside a consolidation range. We will wait for a breakout to open any new position.
Comment:
The security broke the consolidation range downward, heading to the support zone.