Natural Gas (NG) Breaks Below 2022 Low
Natural Gas (NG) Weekly/Daily/4hr
Natural Gas (NGF23) has broken below the 2022 low, but should be seeing a bounce in the next day or so as it tests downchannel support (on the daily chart). Regardless of the moderately high likelihood of a short covering rally going into next week, NG remains at roughly the same risk of a deeper slide to the psychologically key 3 whole figure level by month end. Odds are elevated for a test of downchannel support (on the weekly chart) in February. Short covering could be triggered as early as Thursday following the highly anticipated weekly storage or on any 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. The weekly RSI, Stochastics and MACD are still sloping down, weighing on the bottomish daily RSI and Stochastics. 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 GOLD, GBPUSD
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On the date of publication, Darren Chu did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.