Natural Gas (NG) Tries Gaining for 6th Straight Day
Natural Gas (NG) Weekly/Daily/4hr
Natural Gas (NGF23) is trying to gain for a 6th straight day, but appears ready for healthy consolidation after the strong bounce off downchannel support (on the weekly chart) and last week’s fresh February low. NG has in all likelihood formed a major low just above the psychologically key 2 whole figure level (on the April contract), but may see a pullback following Thursday’s highly anticipated weekly storage data back to downchannel resistance (on the daily chart). A retest by mid March of the key 3 level appears more likely than a retest of the February low in the same period. 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. The weekly, daily and 4hr RSI, Stochastics and MACD are mostly bottomish, rallying or consolidating recent gains. 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, S&P500
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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. For more information please view the Barchart Disclosure Policy here.
