NG Natural Gas July futures contract continues declining on recent lower demand. Fundamentals are still bearish: low LNG exports, 4 Bcd vs 9 Bcd in the winter, and cooler weather over North East. The temperature is expected go higher on June 25-28, per NatGasWeather. With economy reopening on June 20-21, EIA weekly report may turn bullish in the 1st week of July....
Natural Gas NG July futures bounced last week on warmer weather and production cuts. On Friday we saw a pullback, as weather forecasts lost some CDDs (cooling degree days). UNG fund started August contract roll on June 12 -17. Technicals: Daily and 4 Hr chart are pointing toward lower prices; 1 Hr chart is forming a bottom. We may have a short-term bounce from...
Natural gas demand is rising due to electric power sector demand increase. Total U.S. consumption of natural gas rose by 3.9% compared with the previous report week. Natural gas consumed for power generation climbed by 10.1% week over week. In the residential and commercial sectors, consumption declined by 5.9%. Industrial sector consumption decreased by 0.3% week...
Chart patterns are suggesting a reversal to the upside, possibly targeting $18-$24 levels for UGAZ, as NG prices are expected to go higher into the summer heat and economy reopening by 3rd week of June in NY, NJ, PA. We may have another a couple of days of consolidation with lower prices due to bearish EIA report on Thursday. Expecting over 100 bcf in storage....
NG: Potential bottom is forming at $1.78 level. Natural Gas July futures contracts were trading lower on Tuesday finding support at $1.78. MACD histogram is at the crossing point pointing toward higher prices. Near-term resistance is seen near $1.978, a 38.2% Fib retracement level of the recent move down, with $2.048 being a 50% Fib retracement. RSI is also...
Tesla ($TSLA) double-failed two resistance marks at 820 and 807. The former of these really seems to be a short-term upper limit for $TSLA. Nearly each time it tests @ 820, it proceeds to have a variation of failure: The short on this is not wildly profitable, though absolutely still in play. $TSLA has shown promise enough, absolutely, but the bears seem to be...
Natural Gas NG July futures contract gapped up to $1.93, but quickly retraced to $1.915 level, which is 50% Fib level of its recent run. Prices are going lower into Thursday EIA report, as SP Global Platt reported decline in demand. Fib levels that may serve as support: $1.195 - 0.5; $1.900 - 0.382; $1.881 - 0.236; $1.85 - 0. Currently stabilizing at $1.90. Both...
NG: Natural Gas futures NG switched to July contract on May 26 at 18 p.m. gapping up to $1.93. Based on 4 Hr chart, resistance of $2.0 has not been reached yet indicating potential to go higher. MACD crossed pointing toward higher prices as well. RSI is at 60, which has been the level that capped the most recent rally at $2.0 (May 18 -22). Chande momentum is...
Natural Gas NG has moved higher in Tuesday trading session. Short-term resistance is seen at $1.8, support at $1.76. UGAZ trading between $15.70 and $17.70, with $16.65 being important level to stay above. NG needs to break through $1.8 to challenge its next resistance level at $2.0. With fundamentals turning bullish, it is a possible target. $UGAZ: next upside...
Natural Gas June futures contract continues consolidating within a narrow range: $1.68 - $1.76. A potential for a move higher is seen in the near-term. UGAZ: Based on 1 Hr chart pattern and Chande Momentum indicator, an upside move can be expected within May 26 - 27 timeframe; $20 is seen as first upside target, $22-23 level as resistance, while $15.30 is seen as...
1. Compare the chart to the Wall Street Cheat Sheet and looks like we're in the Depression phase. Quiet on Twitter and bitter sentiment on LSE/ADVFN, nice contrarian signals and not a crowded trade. 2. POC at 1.4p. Sharp capitulation from January to Mid-March where RSI hit 18 and has recovered slightly. 3. Upcoming catalysts: OGA 32nd Offshore Licensing results...
Potential bottoming patterns are seen on multiple time frames of natural gas contracts. June Natural Gas contract and Chande Momentum charts show higher lows. NG: However, NG June contract chart is pointing lower due to fundamental factors - economic shutdown and overall reduced demand. If prices hold support at $1.70 on Friday into closing, that would be an...
Natural gas futures contracts NG finished the day lower after EIA inventory report showed a less than expected build of 81 bcf vs 98 bcf predicted. Regardless of a substantially lower build, NG prices dropped 3.3% on Thursday. Short-term momentum turned negative, while medium term momentum is neutral pointing toward consolidation and possibly lower prices. The...
Natural Gas July futures NG gapped up on the open from $1.63 to $1.75, but then dropped to $1.71. 2 Hr MACD chart crossed forming some sort of consolidation zone. NG is trading higher July contracts. The fundamentals remain bearish: oversupplied condition vs. low demand. For the next two weeks, the weather is not expected to be hot enough to generate substantial...
NG: Natural Gas June futures rallied on Thursday into EIA report, which showed in-line storage build of $103 bcf. Natural gas stocks were 799 bcf higher than this time last year. The fundamentals remain on the bearish side with low consumption and warming weather. However, the economy is reopening, which is a bullish factor. NG chart dipped after reaching nearest...
Price inside the channel may touching the channel bottom ...
Natural gas futures contracts NG has drifted lower on Wednesday reaching $1.6 with corresponding UGAZ price at $15.27. The NG chart moved a little higher from there trying to establish a bottom. Should we not hold $1.6 level, the next possible level of support is $1.5. In that case, UGAZ may go lower toward $13 handle. Near-term resistance is seen at $1.8 and...
$NATGAS Short Entry 13:59:12 (UTC) Wed May 13, 2020