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...
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...
Natural gas futures contracts moved lower this week on low demand due to ongoing COVID lockdowns and warming weather. Support seen earlier at $1.72, has been broken. Next possible levels of support are $1.6 and $1.5. Another triple digit injection of around 104 bcf is expected on Thursday (EIA report). Supply-Demand deficit is expected to narrow: April -6.64...
Pattern: 1-month Channel Up
Signal: Bullish once the MACD turns bullish within the Triangle. Potential rebound zone as seen on chart.
Target: 2.030 (Resistance 1).
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#NG Gas
Last some week Pirce sideways and fake break, Currently price hit long term downside trend resistance.
Next, some month now Demand of Gas VERY LOW as Summer period starts, we will see come next week Price go back 1.510$ support
🛑SUPPORT/RESISTANCE
✅S1= 1.725
✅S2=1.510
✴️R1=1.840
✴️R2=1.920
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Use this as a guide to develop your view of the situation.
Main items we can see on the Weekly Chart:
a) Take a look at the 2 previous descending trendlines (white) in the past
b) Observe how in both of them the price broke the descending trendline and after that, a corrective movement came
c) That corrective movement took about 3 to 5 weeks to be ready
...
- This week has seen the Natural Gas Storage Data post a build of 43bcf for the week.
- This is slightly lower than last weeks numbers, however, is still recorded as a build for the week.
- This is now the 3rd consecutive build we have seen
Use this as a guide to develop your view of the chart.
Main items we can see on the Weekly Chart:
a) The price is on a significant Support Zone
b) We can see two similar situations on the past that can work as filters
c) Those situations had in common the next steps: Broken Descending Trendline + Corrective Structure
d) We will be waiting for a similar...
Pattern: Channel Down with underlying Bearish Megaphone on 1D.
Signal: (A) Bearish if the price breaks the MA50 (blue line), (B) Bullish if the price breaks above the red Triangle.
Target: (A) 1.500 (just above the Support), (B) 2.140 (projected contact with the MA200 (orange line)).
Previous successful Buy Signal on Natural Gas:
Use this as a guide to develop your view of the chart
Main items we can see on the Monthly Chart:
a) There is a massive Support zone between 1,6 - 1,2
b) This Support has been working since 1992
c) Currently, the price is on 1,6 / The first contact with the support zone
d) We think the price will make reversal structures before starting the bullish...
Use this as a guide to develop your view.
Main items we can see on the weekly chart:
a) The price is on a significant support zone
b) We expect a reversal movement based on the previous situations
c) If the price goes up respecting previous structures that happened on the past, these are what we will be waiting
-Breakout of the descending...
