On analysis of the movements of Natural Gas Futures price since the first trading session of the year 2021, I find that the Natural Gas Futures have been continuously maintaining above the gap that it was created on the first trading session of the year up to the closing on January 8th, 2021. Technically, this looks evident enough for the appearance of one more gap-up opening on the first trading session of the upcoming week.
If the Natural Gas Futures start the upcoming week with a gap-up on the first trading session, the focus will shift towards immediate resistance at $2.762. But a sustainable move above the level of $2.795 will continue to extend bullish sentiments during the upcoming weeks as the cold blast could occur during the mid of this month or in the first half of February 2021.
But there is no doubt that the Natural Gas Futures could behave against all technical indicators due to a sudden change in the weather forecast. In such a changing scenario, if the Natural Gas Futures start the upcoming week with a gap-down opening, I find that the level of $2.512 could be immediate support and, the second support could be found at $2.388.
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: Post-Pandemic Blast Still Pending
Published 01/10/2021, 06:53 AM
Updated 07/09/2023, 06:31 AM
Natural Gas: Post-Pandemic Blast Still Pending
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