Natural Gas (NG) Reclaims Key 2.5 Level Ahead of Storage
Natural Gas (NG) Weekly/Daily/4hr
Natural Gas (NGF23) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and Friday’s fresh 2023 low following Thursday’s highly anticipated weekly storage data. With NG arguably breaking above a descending wedge resistance (on the daily chart), a break above downchannel resistance (on the 4hr chart) post-storage is likely. Before bulls get excited, NG will need a weekly close above the psychologically key 3 whole figure level. NG increasingly appears poised for its first green weekly candle in 9 weeks, suggesting a low probability for a retest of the February low before the weekend. Monitor as usual the escalation in the Ukraine-Russia conflict. Congratulations to Premium Members who benefited from the opportunities highlighted Jan 19, 2022, Jan 27, 2021 and April 14, 2021. Except for the weekly MACD which is still sloping down, the weekly, daily and 4hr RSI, Stochastics and MACD are bottomish. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Click here for analysis on WTI CRUDE, VIX
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