Best Website To Watch Stock Prices - Natural Gas (NATGAS/USD) Price Technical Analysis for Aug. 18, 2022

Best Website To Watch Stock Prices

30-12-2023 • 0 seconds

Natural gas is still trending higher on its hourly time frame, as the latest lows are connected by a rising trend line since last month. Price looks ready for another dip to support, and the Fib tool shows where more buyers are waiting. The 38.2% Fibonacci retracement level is nearby at $8.942, then the 50% level is at $8.703. A larger correction could reach the 61.8% Fib that lines up with the 100 SMA dynamic inflection point and trend line. On the subject of moving averages, the 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support is more likely to hold than to break. In that case, natural gas could soon make its way back up to the swing high at $9.719 or higher. Stochastic is just making its way down from the overbought region to signal that sellers have the upper hand for now. The correction could keep going until the oscillator reaches the oversold area and turns back up. Similarly RSI has plenty of ground to cover before reaching the oversold region to reflect exhaustion among sellers. A break below the trend line could mark the start of a reversal from the uptrend. Natural gas remains supported on account of stockpiling activity leading up to the winter season. If the latest heatwaves are any indication, it’s that supply is still limited while global demand remains strong, particularly in Europe. The commodity gave up some of its recent gains due to the hawkish FOMC minutes, which still favored aggressive tightening moves by the US central bank. However, this meeting took place prior to the release of the latest CPI numbers, which reflected weaker price pressures and signaled lower odds of another big increase in borrowing costs.



SOURCE : https://tradertalks-net.translate.goog/s/12479?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp

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