Natural Gas NG - A recover from its sell-off?
Natural gas is playing a larger role in the energy industry. Once thought of as a byproduct of oil production, natural gas is now used in a variety of ways, from residential uses to industrial, to electricity generation. For instance, the single largest factor affecting demand for natural gas is temperature. During the winter, natural gas is used for heating while during the summer, it is often used to power air conditioners.
After a strong bearish market implying a 58.24% loss of its 2018 high and a below average volume, the commodity is consolidating between the key levels 2.800 and 2.200. The small pullback noticed from the resistance layer might offer a great buy opportunity.
Setup - Awaiting for a bullish signal.
After a strong bearish market implying a 58.24% loss of its 2018 high and a below average volume, the commodity is consolidating between the key levels 2.800 and 2.200. The small pullback noticed from the resistance layer might offer a great buy opportunity.
Setup - Awaiting for a bullish signal.
Comment:
Price at support consolidation. Imminent Bullish signal.
Comment:
A rebound at the key support Level followed by a Bullish signal display an imminent upward trend. In fact Buying units with targets around 2.700 would be suitable.