Pattern: Triangle on 1D.
Signal: Buy as the price has found support just above the 1D MA200 (orange trend-line) and within the 8-month Higher Lows Zone (green). The RSI also hit its own Support Zone.
Target: 3.140 (the 1.618 Fibonacci extension).
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NATURAL GAS PRICE HAS BOUNCED FROM 9 EMA ON DAILY CHART. THE BOUNCE WAS ALSO SUPPORTED BY COLD STORM STARTED ON THURSDAY. THE BOUNCE WAS NEUTRALISED BY THE DOUBLE HEAD FORMATION AND SELLING HAS ALREDY BEGUN. I MY VIEW SHORT POSITION CAN BE OPENED BELOW 9 EMA FOR 200 EMA TARGET CONSIDERING LESS DEMAND IN COMING WEEKS.
Last time NG crossed that level was on November 03. But last time it did so coming below with the 1D MA50 as a Resistance, was on July 28 and before that March 09.
On both occasions, the after the break-out, an approximately +20% rise followed. In addition, the RSI just broke the trend-line which also broke during those two events. Everything points towards a...
Natural Gas prices rebounded after dropping earlier in the week from $2.5 to $2.25 on warm weather. Prices rebounded on tight balances, oversold technical conditions,
and roll into February 2021 contract. Support is expected to hold, as LNG flows are above 11 Bcf/d and balances are tight, with last draw at -152 Bcf.
Technical Analysis: 4 Hr chart shows oversold...
NG almost made contact with the 2.440 level today, which has been the major Support since August 21. So far we have 3 perfect touches on the Support, which alone creates the conditions for a strong rebound.
A closer look on the 1D time-frame shows that this pattern resembles the March - June 2020 sequence, when NG also made 3 hits on the Monthly Support. As with...
Natural Gas futures dropped disproportionately to fundamentals on lower national demand in the first half of December and slightly higher recent production.
However, NatGasWeather forecasts for the storage draw covering next three weeks are not as bearish as the drop in gas prices. LNG flows are consistently
bullish exceeding 10.5 bcf/d. The fundamentals are...
A nice swing cooking right on time for December seasonality flows to kick in.
This leg higher threatens the sacrifice of resistance and creates freedom to manoeuvre towards $4 and $5 in 2021. We have a similar sized move cooking in energy to the leg we traded in Oil, only this time round the swing we are tracking is to the topside. See for example the following...
Natural gas futures NG moved higher as it started rolling into January contract on Nov 20. Technical conditions are oversold on 4 hr chart. We have an unfilled gap at $3.1 level, a possible target for an upside move. Weather forecasts into early December are less bearish than last week, but still alternate shots of cold air with periods of warming.
Next week EIA...
NG: Natural gas NG contract may find its support at $2.6 level before moving higher into January contract. Prices dropped on warmer weather forecast Nov 18 -Dec 2. From technical perspective, NG is approaching oversold condition on 4 Hr chart. Lower prices are still possible due to bearish EIA report on Nov 19, as built is expected on the backdrop of low demand...
Pattern: Channel Up on 1D.
Signal: Buy as the price bounced on the 1D MA200 which has been holding and acting as a buy entry since March 31. Also the RSI bounced on its multi-month Support level.
Target: 3.350 (right below the Resistance).
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