![]() This is opening the door to resuming the downtrend that occurred from the end of December to the end of February. Overnight, natural gas has confirmed a breakout under this pattern. Since the end of February, I have been highlighting a bearish Rising Wedge chart formation that has been brewing. Things are starting to look bearish again in the near-term 4-hour timeframe. Meanwhile, immediate resistance is a combination of the 50-day SMA and the 23.6% Fibonacci retracement level at 3.297.Ĭhart Created Using TradingView 4-Hour Chart – Rising Wedge Breakout in Focus Beyond the latter is the 2020 bottom at 1.44. A confirmatory breakout lower could open the door to revisiting the February low at 1.967. That would likely open the door to less demand amid still-elevated inventory levels.įocusing on the daily chart below, natural gas is back to the 20-day Simple Moving Average (SMA). According to Bloomberg, US weather estimates shifted milder over the weekend. From a fundamental standpoint, the weather was a key driver for the heating commodity. The 14.52% drop represented the worst 24-hour period since June 2022. ![]() Natural gas prices abruptly turned lower on Monday after completing the best week since July. ![]()
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