VasilyPonomarev
Long

Natural Gas (NATGASUSD): Coming Test of Market Low

OANDA:NATGASUSD   CFDs on Natural Gas

hey traders,

natgas is very weak from 20th of January.

the market is trading in sideways and volatility is phenomenally low.
from February, the price started to consolidate within a narrow rising channel and it looks like selling volumes are accumulating
within it to retest the current market low.

I believe that next week 1.791 level will be retested and we can expect a strong bullish reaction from it.

good luck!
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Comments

no bounce off 1.79.. looking more down it seems
Reply
Hi, there isnt a strong bullish reaction
Reply
VasilyPonomarev MartinSchnellmann
@MartinSchnellmann, yeah, patiently waiting !)
Reply
What is your view on Natgas next week?
Reply
garrota VasilyPonomarev
@VasilyPonomarev, Natural gas is not traded technically. And the levels in it are conditional. 1.8 is not a support level, perhaps 1.65 can be such a level, but also no confidence. See how strong downward movements occur. Last time on a day off and at night, now too, the movement started late at night when there were no players or volumes. From this observation, it follows that someone is deliberately pushing the price down. Yes, the idea of trading at the bottom of the candle's tail is logical, but I think now no one in the gas market is looking at equipment. They don't look at a tighter supply-demand balance, and they don't look at the weather. I think the market will turn around when players, big players, start leaving the gas production market, that is, when bankruptcies begin.
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