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Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 2, 2022
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 2, 2022
Natural gas is resuming its climb, as it found support at the mid-channel area of interest and might be setting its sights on the next bullish targets. The Fibonacci extension tool shows where buyers are aiming. The 38.2% level lines up with the swing high around $9.200 while the 50% level is closer to the channel top at $9.550. Stronger bullish pressure could take natural gas up to the 61.8% extension at $9.912 or the 76.4% level at $10.352. The full extension is near the $11.000 mark. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support levels are more likely to hold than to break. The 100 SMA also held as dynamic support on the latest dip and the 200 SMA lines up with the channel bottom to add to its strength as a floor on a larger drop. Stochastic is moving up but already approaching the overbought area to signal exhaustion among buyers. Turning lower could confirm that sellers are returning and could take natural gas back down to nearby support zones. RSI has more room to climb before indicating overbought conditions, so price could follow suit as bullish pressure remains in play. Natural gas could take cues from the upcoming release of inventory data by the Department of Energy. Analysts are expecting a larger build of 86 Bcf compared to the earlier increase of 80 Bcf, possibly reflecting a downturn in demand. Keep in mind that temperatures have slowly been rising in several parts of the US, weighing on purchases of heating commodities. A larger than expected increase would confirm that purchases have slowed or that production is elevated. On the other hand, a smaller build would suggest that demand remains supported by strong LNG export activity to Europe. SOURCE : https://tradertalks-net.translate.goog/s/11999?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 2, 2022
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 2, 2022
Natural gas is resuming its climb, as it found support at the mid-channel area of interest and might be setting its sights on the next bullish targets. The Fibonacci extension tool shows where buyers are aiming. The 38.2% level lines up with the swing high around $9.200 while the 50% level is closer to the channel top at $9.550. Stronger bullish pressure could take natural gas up to the 61.8% extension at $9.912 or the 76.4% level at $10.352. The full extension is near the $11.000 mark. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support levels are more likely to hold than to break. The 100 SMA also held as dynamic support on the latest dip and the 200 SMA lines up with the channel bottom to add to its strength as a floor on a larger drop. Stochastic is moving up but already approaching the overbought area to signal exhaustion among buyers. Turning lower could confirm that sellers are returning and could take natural gas back down to nearby support zones. RSI has more room to climb before indicating overbought conditions, so price could follow suit as bullish pressure remains in play. Natural gas could take cues from the upcoming release of inventory data by the Department of Energy. Analysts are expecting a larger build of 86 Bcf compared to the earlier increase of 80 Bcf, possibly reflecting a downturn in demand. Keep in mind that temperatures have slowly been rising in several parts of the US, weighing on purchases of heating commodities. A larger than expected increase would confirm that purchases have slowed or that production is elevated. On the other hand, a smaller build would suggest that demand remains supported by strong LNG export activity to Europe. SOURCE : https://tradertalks-net.translate.goog/s/12000?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 2, 2023
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 2, 2023
Natural gas is still trending lower inside its falling channel on the hourly time frame, and price is currently bouncing off support. A pullback could take it up to the channel resistance or the nearby Fibonacci retracement levels. The 38.2% Fib level is at $2.110 in line with a former support zone that might hold as resistance. The 50% Fib is closer to the channel top at $2.140 while the 61.8% Fib lines up with the 100 SMA dynamic inflection point at $2.169. On the subject of moving averages, the 100 SMA is below the 200 SMA to signal that the path of least resistance is to the downside or that the selloff is likely to resume. However, stochastic is already starting to pull higher after indicating oversold conditions for a while. Price could follow suit as the oscillator moves north since this would reflect a return in bullish momentum. RSI is also on the move up, suggesting that buyers are regaining the upper hand and could take natural gas further north until overbought conditions are met. Natural gas is under weaker footing after the Department of Energy reported a larger than expected build of 110 Bcf in stockpiles versus the estimated increase of 106 Bcf. This suggests that demand remains weak or that supply is elevated, despite the start of the summer months ramping up purchases of cooling commodities. Also, traders might be pricing in another upside surprise from the NFP report, which might boost Fed rate hike expectations and the dollar’s value across the board. Downbeat data, on the other hand, could reinforce the possibility of a tightening pause, which might pave the way for a relief rally for natural gas. Leading jobs indicators so far are looking mixed, with the ADP report and ISM manufacturing PMI suggesting strong jobs growth. SOURCE : https://tradertalks-net.translate.goog/s/11998?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2020
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2020
Natural gas is trending lower inside a descending channel with its lower highs and lower lows on the 4-hour time frame. Price recently bounced off support and is in the middle of a correction. The mid-channel area of interest lines up with the 50% Fibonacci retracement level and 100 SMA dynamic inflection point. This appears to be holding as a ceiling for the time being. If it is enough to keep gains in check, price could resume the slide to the swing low at $1.550 next. A larger retracement could test the 61.8% Fib just below the 200 SMA dynamic inflection point, but the line in the sand for a pullback might be around the channel top closer to $1.700. A break above this could signal that a reversal from the downtrend is in order. RSI is heading up but already closing in on the overbought zone to signal trend exhaustion. Turning lower could confirm that sellers are ready to take over. Similarly stochastic is already in the overbought zone to show that buyers are exhausted. Natural gas enjoyed a bit of a rebound over the weekend even as risk aversion was in play for the most part of the week. Stimulus from central banks likely contributed to the rallies as traders expect a slight rebound in business and consumer activity thanks to easing measures. Moreover, stronger demand for heating commodities could still be observed, although warmer weather conditions are already in place across several parts of the US. Forecasts of cooler temperatures could keep purchases supported for the time being, especially since producers have trimmed output to account for seasonality.   SOURCE : https://tradertalks-net.translate.goog/s/11997?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2021
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2021
Natural gas is forming a new descending channel on its 1-hour time frame, with price bouncing off support and pulling up to the mid-channel area of interest. This could keep gains in check, as it lines up with the 50% Fibonacci retracement level and the 100 SMA dynamic inflection point. On the subject of moving averages, the 100 SMA crossed below the 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. More sellers could be waiting around the 61.8% Fib or the channel top closer to the $3.200 handle. A break past these inflection points could signal that a reversal from the slide is taking place. Stochastic is indicating overbought conditions or exhaustion among buyers, and turning lower would confirm that sellers are taking over. RSI is on middle ground to reflect consolidation, though. If the downtrend resumes, natural gas could slide back to the swing low around $3.123 near the channel support or lower. A break below the swing low could spur a steeper selloff for the commodity. Natural gas could still draw strong support from the inventory report due later in the week, as another large draw in stockpiles would mean that demand remains supported. A surprise build, on the other hand, could mean some downside for the commodity. Note that higher temperatures in the past few days likely lifted purchases of cooling commodities, and forecasts of warmer weather could continue to support natural gas prices. Still, the pickup in risk aversion after the FOMC statement is weighing on riskier assets like commodities. After all, an earlier than expected increase in borrowing costs could hurt business activity and consumer spending, which might then weigh on investor optimism and demand for higher-yielders. SOURCE : https://tradertalks-net.translate.goog/s/11996?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2022
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2022
Natural gas continues to trend lower on its short-term time frame, moving inside a newly-forming falling channel on its hourly chart. Price is hovering around the middle of the channel and might be due for a drop to the bottom soon. The 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside or that resistance is more likely to hold than to break. The 100 SMA even lines up with the channel top to add to its strength as resistance. If bearish pressure picks up, natural gas could slump down to the channel bottom around $5.500 next. A return in bullish momentum, on the other hand, could take the commodity back up to the channel resistance near $7.000. Stochastic is already indicating oversold conditions, though, so sellers might be feeling exhausted and willing to let buyers take over. RSI appears to be heading lower to show that there is some selling energy left in play. Natural gas continues to be pulled by opposing forces, as the move to reduce the reliance on the commodity could mean lower demand in the longer-run. In addition, persistent risk-off flows might keep a lid on gains. Recall that a handful of central banks have already hiked interest rates in the past weeks in an effort to keep inflation in check. This, in turn, weighs on business and consumer activity, which then affects demand for commodities. The upcoming inventory report from the Department of Energy should shed more light on supply and demand conditions. A draw in stockpiles would signal that demand remains supported and could get another boost as higher temperatures are observed. On the other hand, a build could indicate that purchases are slowing or that output is keeping up. SOURCE : https://tradertalks-net.translate.goog/s/11995?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2023
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 22, 2023
Natural gas is still trending higher inside its ascending channel on the hourly time frame and already seems to have bounced off the mid-channel area of interest. The Fibonacci extension tool shows the next potential upside targets. The 38.2% level lines up with the swing high at $2.649, then the 50% level is at $2.724. Stronger bullish pressure could take natural gas up to the 61.8% level at $2.799 or the 76.4% level at $2.892. The full extension is at $3.042. The 100 SMA is still hovering close to the 200 SMA, barely offering strong directional clues for now. Still, the commodity price is moving above both indicators, so these could hold as dynamic support on dips. Stochastic is also on the move up to show that bullish pressure is in play, and the oscillator has room to climb before reflecting overbought conditions or exhaustion among buyers. RSI appears to be pulling higher halfway through on its move down to the oversold area, hinting that buyers are refusing to let up. Natural gas might take cues from the upcoming release of inventory data by the Department of Energy. A slightly higher build of 89 Bcf is set to follow the earlier 84 Bcf increase, but another smaller gain or a surprise draw could bring upside for the commodity. Note that summer season has officially started, which means that higher temperatures are likely to ramp up purchases of the cooling commodity in the coming months. This has been the case in Asia and some parts of Europe, so export levels have likely been elevated already. On the other hand, a larger build could signal that supply is able to keep up with the rising demand, possibly leading to some downside for the commodity. Risk aversion on recession fears and worries about higher borrowing costs could also weigh on natural gas. SOURCE : https://tradertalks-net.translate.goog/s/11994?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2020
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2020
Natural gas broke below a rising trend line support on the 4-hour time frame to signal that a downtrend is due. Price appears to have completed the retest of this broken support and might be aiming for the downside targets marked by the Fib extension tool. The 38.2% level is at $1.577 then the 50% level is at $1.554. The 61.8% level lines up with the swing low around $1.531, making it a strong support level. Sustained bearish pressure could take natural gas down to the 78.6% level near the $1.500 major psychological mark or the full extension at $1.456 next. The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to gain traction than to reverse. The 200 SMA lines up with the broken trend line to add to its strength as resistance in the event of another pullback. RSI is still on the move down, so price could follow suit while selling pressure is present. The oscillator has plenty of room to head south before reflecting oversold conditions, so bears could stay in control for a bit longer. Stochastic is also moving down but is nearing the oversold region to suggest exhaustion among sellers. Natural gas enjoyed a bit of a bounce close to the weekend but is resuming its slide as risk-off flows returned. Earlier today, there had been some confusion about the trade deal between the U.S. and China as a White House official suggested that the arrangement was over. However, the Trump administration clarified that the deal is still “fully intact” but these failed to spur a material lift in risk appetite. Keep in mind that natural gas is also generally weaker around this time of the year as warmer weather conditions during the summer months sap demand for heating commodities. SOURCE : https://tradertalks-net.translate.goog/s/11993?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2021
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2021
Natural gas seems to have completed its retest of the area of interest on its 4-hour time frame, and price is setting its sights on the upside targets marked by the Fibonacci extension tool. The 38.2% level is close by at $3.317, which lines up with the swing high. Stronger bullish pressure could take natural gas up to the 50% level at $3.377 or the 61.8% level at $3.438. The 76.4% level is at $3.512 then the full extension is at $3.633. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that more gains are in the cards. The 100 SMA also recently held as dynamic support on the dip. Stochastic is in the overbought zone to signal exhaustion among buyers, and turning lower would mean that sellers are regaining the upper hand. RSI is also heading up to suggest that bullish pressure is present, and the oscillator has room to climb before reflecting overbought conditions. Natural gas could keep drawing support from warmer weather conditions, as this props up demand for heating commodities. With that, forecasts of higher temperatures ahead could keep prices afloat. The upcoming inventory report from the Department of Energy would shed more light on market conditions, as another larger than expected draw could bring more upside for the commodity. A surprise build, on the other hand, could spur a larger dip for natural gas. There are no major catalysts that might spur a huge swing in market sentiment these days, although it’s still worth noting that the Fed shifted to a slightly more hawkish bias in their latest policy statement. This could mean an earlier increase in borrowing costs than initially expected, possibly keeping a lid on business and consumer activity. In turn, this could dampen demand for higher-yielding assets like commodities.   SOURCE : https://tradertalks-net.translate.goog/s/11991?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2021
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2021
Natural gas seems to have completed its retest of the area of interest on its 4-hour time frame, and price is setting its sights on the upside targets marked by the Fibonacci extension tool. The 38.2% level is close by at $3.317, which lines up with the swing high. Stronger bullish pressure could take natural gas up to the 50% level at $3.377 or the 61.8% level at $3.438. The 76.4% level is at $3.512 then the full extension is at $3.633. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that more gains are in the cards. The 100 SMA also recently held as dynamic support on the dip. Stochastic is in the overbought zone to signal exhaustion among buyers, and turning lower would mean that sellers are regaining the upper hand. RSI is also heading up to suggest that bullish pressure is present, and the oscillator has room to climb before reflecting overbought conditions. Natural gas could keep drawing support from warmer weather conditions, as this props up demand for heating commodities. With that, forecasts of higher temperatures ahead could keep prices afloat. The upcoming inventory report from the Department of Energy would shed more light on market conditions, as another larger than expected draw could bring more upside for the commodity. A surprise build, on the other hand, could spur a larger dip for natural gas. There are no major catalysts that might spur a huge swing in market sentiment these days, although it’s still worth noting that the Fed shifted to a slightly more hawkish bias in their latest policy statement. This could mean an earlier increase in borrowing costs than initially expected, possibly keeping a lid on business and consumer activity. In turn, this could dampen demand for higher-yielding assets like commodities.   SOURCE : https://tradertalks-net.translate.goog/s/11992?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2022
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 23, 2022
Natural gas is still on the retreat but might be due to find support at a major area of interest soon. Price is closing on the 61.8% Fibonacci retracement level on the daily time frame. This lines up with a former resistance area at $6.150 that might hold as support. If so, natural gas could resume the climb to the swing high next. This potential support area also coincides with the 100 SMA dynamic inflection point which adds to its strength as support. The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. The gap between the indicators is widening to reflect strengthening bullish momentum as well. Meanwhile, stochastic already made it down to the oversold region to reflect exhaustion among sellers, so turning higher would mean that buyers are taking over. RSI has more room to slide before reaching the oversold territory, so the correction could keep going until it does. Natural gas could take cues from the upcoming inventory report from the Department of Energy, which is slated to report a smaller draw of 63 Bcf compared to the earlier increase of 92 Bcf. This would reflect stronger demand or weaker supply conditions, which might be bullish for the commodity. Note that weather agencies are predicting warmer summer temperatures up ahead, which could boost demand for cooling commodities like natural gas. However, a larger than expected increase in stockpiles would signal that purchases have slowed due to warmer temperatures all over the US. This could also reflect a rebound in production now that some facilities have reopened recently. In addition, the push to reduce reliance on natural gas might also be long-term bearish for the commodity, even as Europe’s looming embargo on Russian oil might soon spur an energy crunch. SOURCE : https://tradertalks-net.translate.goog/s/11990?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2019
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2019
Natural gas looks due for a pullback after its recent slide, possibly retracing to the area of interest around the $2.325 level. This lines up with the 61.8% Fibonacci retracement level and the 200 SMA dynamic inflection point. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. The gap between the indicators is widening to indicate that selling pressure is getting stronger. The 100 SMA is close by and might also serve as a near-term inflection point. Price could still pull up to the 38.2% level at $2.256 or the 50% level at $2.286. RSI is still heading higher to show that bullish momentum is present. The oscillator is just crossing past the center line to show that bullish pressure is picking up before overbought conditions are seen. Stochastic is also heading higher to show that buyers are in control but that overbought levels might be reached soon. Natural gas is usually under pressure around this time of the year as the summer months mean lower demand for heating commodities. Prices were also pulled down by a 115 Bcf increase in stockpiles as reported last week versus a consensus of a 104 Bcf increase. This marked the 12th above-average gain in inventories, indicating that oversupply pressures remain in play. Warmer days are set to kick in for July and August, which would mean more downside pressure on demand while supply could possibly remain elevated. According to NatGasWeather for June 21 to June 27: “Showers and thunderstorms will continue across the northern US the next several days with temperatures mostly comfortable with highs of 70s and 80s. The southern half of the US will be very warm to hot with high pressure overhead, resulting in highs of 90s to 100s hottest over the Southwest and into Texas.” SOURCE : https://tradertalks-net.translate.goog/s/11988?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2019
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2019
Natural gas looks due for a pullback after its recent slide, possibly retracing to the area of interest around the $2.325 level. This lines up with the 61.8% Fibonacci retracement level and the 200 SMA dynamic inflection point. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. The gap between the indicators is widening to indicate that selling pressure is getting stronger. The 100 SMA is close by and might also serve as a near-term inflection point. Price could still pull up to the 38.2% level at $2.256 or the 50% level at $2.286. RSI is still heading higher to show that bullish momentum is present. The oscillator is just crossing past the center line to show that bullish pressure is picking up before overbought conditions are seen. Stochastic is also heading higher to show that buyers are in control but that overbought levels might be reached soon. Natural gas is usually under pressure around this time of the year as the summer months mean lower demand for heating commodities. Prices were also pulled down by a 115 Bcf increase in stockpiles as reported last week versus a consensus of a 104 Bcf increase. This marked the 12th above-average gain in inventories, indicating that oversupply pressures remain in play. Warmer days are set to kick in for July and August, which would mean more downside pressure on demand while supply could possibly remain elevated. According to NatGasWeather for June 21 to June 27: “Showers and thunderstorms will continue across the northern US the next several days with temperatures mostly comfortable with highs of 70s and 80s. The southern half of the US will be very warm to hot with high pressure overhead, resulting in highs of 90s to 100s hottest over the Southwest and into Texas.” SOURCE : https://tradertalks-net.translate.goog/s/11989?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2020
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2020
Natural gas has been trading sideways on its daily chart, finding support around $1.560 and resistance at $2.000. Price is currently testing support and might be due for a breakdown soon. The commodity has formed lower highs to signal that bearish momentum is picking up. If a break below the $1.560 area takes place, natural gas could tumble by the same height as the rectangle pattern. The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that support is more likely to break than to hold. The gap between the moving averages is also widening to reflect stronger bearish momentum, and the 100 SMA recently held as dynamic resistance. The 200 SMA lines up with the top of the range to add to its strength as a ceiling as well. RSI is treading sideways, though, so price action could follow suit while neither buyers or sellers have the upper hand. Stochastic appears to be moving south but is nearing the oversold region to signal exhaustion among sellers and a potential takeover by buyers. Natural gas remains under a lot of downside pressure as warmer weather conditions during the summer months sap demand for heating commodities. At the same time, the resurgence in risk-off flows is also weighing on demand for higher-yielding assets like commodities. Traders are getting increasingly worried about a second wave of the virus as the number of confirmed cases are on the rise, particularly in countries that have eased quarantine measures. Worsening headlines on the pandemic could bring another round of risk aversion, especially since geopolitical tensions are also in play. Note that the US has been at odds with China when it comes to trade, and the confusion from White House officials earlier this week is keeping investors nervous. SOURCE : https://tradertalks-net.translate.goog/s/11987?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2021
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2021
Natural gas surged higher in the past 24 hours but is in the middle of another short-term pullback. Price could retreat to the support levels marked by the Fibonacci retracement tool. The 61.8% Fib lines up with a new rising trend line visible on the 1-hour time frame. This is also in line with the dynamic support around the moving averages at $3.213. On the subject of moving averages, the 100 SMA is above the 200 SMA to suggest that the path of least resistance is to the downside or that support is more likely to break than to hold. A move below the $3.200 mark could be enough to signal that a reversal is in the works. RSI has more room to move south before reaching the oversold area, so sellers could stay in control for much longer. However, stochastic is already dipping into the oversold region to signal exhaustion among sellers, so turning higher would mean that buyers are taking over. The 38.2% Fib is close by at $3.272 then the 50% level is at $3.242. If any of these Fibs hold as a floor, natural gas could recover to the swing high at $3.367 or higher. A larger build in natural gas storage is eyed for the latest reporting week, with the Department of Energy likely printing a gain of 64 Bcf versus the earlier increase of 16 Bcf. This might suggest that demand has faded or that supply has picked up to meet seasonal purchases. Keep in mind that higher temperatures also tend to spur stronger demand for the cooling commodity, so forecasts of warmer weather in the coming weeks might still be enough to keep natural gas prices supported. A smaller than expected build or a surprise draw might even mean a shallow retracement for the commodity and a quick rally past the swing high. SOURCE : https://tradertalks-net.translate.goog/s/11985?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2021
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 24, 2021
Natural gas surged higher in the past 24 hours but is in the middle of another short-term pullback. Price could retreat to the support levels marked by the Fibonacci retracement tool. The 61.8% Fib lines up with a new rising trend line visible on the 1-hour time frame. This is also in line with the dynamic support around the moving averages at $3.213. On the subject of moving averages, the 100 SMA is above the 200 SMA to suggest that the path of least resistance is to the downside or that support is more likely to break than to hold. A move below the $3.200 mark could be enough to signal that a reversal is in the works. RSI has more room to move south before reaching the oversold area, so sellers could stay in control for much longer. However, stochastic is already dipping into the oversold region to signal exhaustion among sellers, so turning higher would mean that buyers are taking over. The 38.2% Fib is close by at $3.272 then the 50% level is at $3.242. If any of these Fibs hold as a floor, natural gas could recover to the swing high at $3.367 or higher. A larger build in natural gas storage is eyed for the latest reporting week, with the Department of Energy likely printing a gain of 64 Bcf versus the earlier increase of 16 Bcf. This might suggest that demand has faded or that supply has picked up to meet seasonal purchases. Keep in mind that higher temperatures also tend to spur stronger demand for the cooling commodity, so forecasts of warmer weather in the coming weeks might still be enough to keep natural gas prices supported. A smaller than expected build or a surprise draw might even mean a shallow retracement for the commodity and a quick rally past the swing high. SOURCE : https://tradertalks-net.translate.goog/s/11986?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 25, 2019
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 25, 2019
Natural gas made a strong run up after dipping to the $2.160 lows and is now pulling back to a former support level that might hold as resistance from here. If so, price could resume the drop to the next downside targets marked by the Fib extension tool. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. However, the faster-moving MA is starting to turn higher and narrow the gap with the slower-moving MA to indicate weakening bearish pressure. Still, if the 200 SMA dynamic inflection point keeps holding as resistance, natural gas could resume the drop to the 38.2% extension around $2.225 or the 50-61.8% levels near the swing low. Sustained selling pressure could take the commodity down to the 78.6% extension at $2.117 or the full extension at $2.062. RSI is already in the overbought zone to show that bullish momentum is exhausted and that bearish pressure is about to take over. Stochastic is also in the overbought region and looks ready to move south so natural gas price might follow suit. The recent rally is seen to have been spurred by short-covering around key technical levels or profit-taking ahead of another round of inventory data. Traders are still expecting weaker demand conditions as warmer weather is settling in across most of the US. Apart from that, a pickup in risk-taking might have also boosted prices as traders are looking ahead to the G20 Summit and what it could mean for trade tensions. In particular, the meeting between Trump and Xi could set the tone for sentiment. The FOMC statement last week also helped lift demand for commodities as policymakers hinted willingness to cut interest rates sometime in the year if needed. SOURCE : https://tradertalks-net.translate.goog/s/11984?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 25, 2020
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 25, 2020
Natural gas continues to trend lower inside a newly-forming descending channel on its 4-hour chart. Price has broken below the mid-channel area of interest to reflect an acceleration in bearish pressure. The 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside or that the selloff is more likely to gain traction than to reverse. Price is closing in on the 61.8% level around $1.530 but might still have enough momentum to reach the next downside target at the 78.6% Fib. This is closer to the channel support and the $1.500 major psychological mark, which could be a strong support zone. Sustained selling pressure could take natural gas down to the full extension at $1.456. RSI is still pointing down but already dipping into the oversold region to signal exhaustion among sellers. Turning back up could show that bullish momentum is returning and that a bounce off support areas might follow. Stochastic has been indicating oversold conditions for quite some time, and price could follow suit once the oscillator pulls up. Natural gas has been on weak footing mostly on account of lower demand for heating commodities around this time of the year. After all, summer months are setting in and bringing about warmer temperatures. At the same time, risk aversion is hurting demand for commodities and higher-yielding assets. Traders are focused on the second wave of coronavirus cases, which could prompt weaker business and consumer activity, as well as another round of quarantine measures. In addition, the latest export data from the Energy Information Administration confirmed that LNG exports declined substantially in 2020. Daily natural gas deliveries to U.S. facilities that produce liquefied natural gas for export were a record 9.8 billion cubic feet per day in late March 2020, but deliveries fell to less than 4.0 Bcf per day in June. SOURCE : https://tradertalks-net.translate.goog/s/11982?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 25, 2020
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 25, 2020
Natural gas continues to trend lower inside a newly-forming descending channel on its 4-hour chart. Price has broken below the mid-channel area of interest to reflect an acceleration in bearish pressure. The 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside or that the selloff is more likely to gain traction than to reverse. Price is closing in on the 61.8% level around $1.530 but might still have enough momentum to reach the next downside target at the 78.6% Fib. This is closer to the channel support and the $1.500 major psychological mark, which could be a strong support zone. Sustained selling pressure could take natural gas down to the full extension at $1.456. RSI is still pointing down but already dipping into the oversold region to signal exhaustion among sellers. Turning back up could show that bullish momentum is returning and that a bounce off support areas might follow. Stochastic has been indicating oversold conditions for quite some time, and price could follow suit once the oscillator pulls up. Natural gas has been on weak footing mostly on account of lower demand for heating commodities around this time of the year. After all, summer months are setting in and bringing about warmer temperatures. At the same time, risk aversion is hurting demand for commodities and higher-yielding assets. Traders are focused on the second wave of coronavirus cases, which could prompt weaker business and consumer activity, as well as another round of quarantine measures. In addition, the latest export data from the Energy Information Administration confirmed that LNG exports declined substantially in 2020. Daily natural gas deliveries to U.S. facilities that produce liquefied natural gas for export were a record 9.8 billion cubic feet per day in late March 2020, but deliveries fell to less than 4.0 Bcf per day in June. SOURCE : https://tradertalks-net.translate.goog/s/11983?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 26, 2019
30-12-2023
Tradingview Subscription Discount - Natural Gas (NATGAS/USD) Price Technical Analysis for June 26, 2019
Natural gas has formed lower highs and lower lows to create a descending channel on the 4-hour time frame. Price is currently testing the resistance and might be ready to head back to the bottom soon. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. The 100 SMA also lines up with the top of the channel around the $2.250 level to add to its strength as resistance. Also, the gap between the indicators is widening to show increased bearish momentum. RSI is starting to head lower after coming close to the overbought zone, showing that sellers might be eager to return. Stochastic is also in the overbought zone and is slowly heading south, so price could follow suit. Natural gas could head down to the channel bottom closer to the $2.050 mark or at least until the mid-channel area of interest at $2.125 level. A break past the resistance, on the other hand, could spur a reversal from the downtrend. Then again, the 200 SMA dynamic resistance around the $2.450 mark could serve as the line in the sand for this selloff. Note that seasonal factors are weighing on demand in the US as warmer weather conditions are already setting in. Traders might also be starting to price in expectations for supply data due later in the week, as another larger build could put downside pressure prices again. On the flip side, a surprise draw could put bullish momentum back in, especially since risk appetite appears to be returning. This was seen to have been spurred by a dovish tilt in the FOMC decision wherein policymakers signaled scope for a rate cut sometime this year. SOURCE : https://tradertalks-net.translate.goog/s/11981?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp