Natural gas futures look ready to form double bottom just before the storage report today. I find that a lesser injection than the expected levels could propel a short-covering in natural gas after the announcement of inventory levels. I find that the warm weather situations could increase demand for natural gas bulls.
Natural gas futures found a bumpy move on the first trading session of the current week that pushed them above the psychological resistance at $3. I find that after the formation of a double bottom, futures could once again try to sustain above $3 because this level is no more a psychological barrier for natural gas bulls.
I find that this time a breakout in natural gas futures could result in testing new heights during this season which seems to be a repetition of the year 2018. I find that volatility could remain very high during the upcoming days, but a seasonal peak is still on the cards. The need of the hour is to trade natural gas with a high level of patience before taking a long or short position.
Disclaimer: The author of this analysis does not have any position in Natural Gas futures. Readers are advised to take any position at their own risk; as Natural Gas is one of the most liquid commodities of the world.
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Natural Gas: Double Bottom Formation Could Result In Short-Covering Rally
Published 05/20/2021, 07:31 PM
Natural Gas: Double Bottom Formation Could Result In Short-Covering Rally
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