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...
Short for target 135..Next resistance at 139/141...
Main items we can see on the 4hs chart: a) The price is inside a Huge 4HS range b) Both sides have been tested multiple times c) Currently, we can see a corrective Structure in the middle of the range after bouncing from the lower zone d) If the Corrective Structure is broken with a bullish movement, we expect a continuation of it towards the...
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...
Main items we can see on the chart: a) The price is on a well-tested support zone b) The price has broken the descending trendline c) We want to see a clear impulse outside the previous descending trendline + a 10-12 days correction d) The reason we have decided that filter is because we observed similar behavior on the Weekly Chart in previous...
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...
Main items we can see on the chart: a) The price is on a major Support zone b) The price is on the process of breaking the descending trendline c) If that happens (Weekly candlestick closing above the descending trendline) That will be our first filter to know that a possible bullish movement is coming d) After that we will wait for a similar correction...
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...
Natural Gas Futures opportunity sell signal sell
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...
My Analysis On Natural Gas. **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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...
Pattern: Bullish Megaphone on 1D. Signal: Bullish as the price bounced off the bullish trend-line. The 1D RSI is on an ascending Channel since February, indication that the bullish trend is getting stronger. Target: 2.050 (Resistance). ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **