Despite bullish cart, NG failed to breakout last week and gapped down due to warmer than average weather forecast and lower than expected EIA Gas storage withdrawal.
Short term, NG is finding support above the descending channel and at the bottom of the Bollinger band. RSI is showing an over sold situation. EIA will publish record high gas withdrawal report on Thursday due to the polar vortex that hit lower 48 states during last week. It may run up to 2.87 before finding major resistance.
Long Term, We may see NG eventually touch the bottom of the descending channel at 2.5
Short term, NG is finding support above the descending channel and at the bottom of the Bollinger band. RSI is showing an over sold situation. EIA will publish record high gas withdrawal report on Thursday due to the polar vortex that hit lower 48 states during last week. It may run up to 2.87 before finding major resistance.
Long Term, We may see NG eventually touch the bottom of the descending channel at 2.5
Comment:
Despite bullish Chart*