You can call me crazy for having these estimates. Mind you, I was calling this scenario earlier. This has fair possibilty after a tripple combo correction cycle that has going on for years. Major bankruptcies will also force prices to go up sooner or later.
Today we will give our technical view on Natural Gas
Main items we can see on the chart:
a) We are working on a weekly timeframe because we are facing structures that come from 2000 until the present
b) The main structures we have are 1- Monthly Support zone and 2-Monthly descending trendline. Those two levels are the edges of the current scenario.
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Analysis of #Natgas
a potential head and shoulder pattern could break soon, I will wait for confirmation and a reason to get in this one for a potential 13% move down
Check today analysis below⠀
A global reversal in the gas market has already occurred, a return to the $ 2 level and a rebound from it will confirm the reversal. The fast approach of the heating season and the tightening balance of supply and demand will support gas prices at a comfortable level above $ 2.
NG at the daily view.
September's pullback finally arrived. This shouldn't be a surprise at all. Temperatures lowered to a level where the A/C doesn't need to be on all the time. However, the temperature is not cold enough to turn on the heat.
Utility companies are already planning for how much energy would be needed for the fall.
I wouldn't go full short...
Today the November(X) contract for Natural Gas corrected down to the historically significant $2.50 level. Going back a couple years it is clear that prices tend to hangout above $2.75 so right now prices are undervalued.
+1 @ $2.53