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Natural Gas Looks Ready For A Breakout Move

Published 05/20/2020, 06:07 AM
Updated 07/09/2023, 06:31 AM
NG
-1.93%

I find that the current position of Natural Gas futures in a daily chart is well above the Ichimoku clouds; making it strong enough to move towards higher levels. There is a strong presence of bulls while the Natural Gas futures started this week, well above the inverted hammer, which was formed on last Friday. I find that now the Natural Gas futures may try to hit the immediate target at $2.178 before moving in a range-bound manner amid growing volatility during this week.

Finally, I conclude that a breakout up to the level of $2.888 will be the next target for the bulls that they could achieve during June 2020. I find that the reopening efforts will result in a sudden increase in domestic demand shortly.  
Natural Gas Futures Daily Chart

Natural Gas 4 Hour Chart

Natural Gas Futures 1 Hr. Chart

Natural Gas Futures 15 Minutes Chart

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