While analyzing the formations created by natural gas futures in different time frames, I observed that the presence of a shooting star in the monthly chart looks evident enough for a price breakout from here.
Natural gas futures maintain above this long-term support at $2.794, bulls could attempt to test their immediate target at $3.288. On Wednesday, natural gas futures felt some selling pressure before the announcement of upcoming inventory on Thursday. But the weather is expected to remain mild across the mid-west and the east coast, which has put downward pressure on prices, but cold weather in the west could continue to move east, helping buoy prices.
No doubt that this rally could be a short-term rally, but the long-term trend of natural gas still looks bullish since the formation of a bullish crossover in a monthly chart. I find that any downward move above the level of $2.651 will provide an opportunity to go long. On the other hand, any breakout move above $3.2 could attract sellers to come forward.
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: Technically Sounds Bullish Above $2.794
Published 03/04/2021, 01:37 AM
Updated 07/09/2023, 06:31 AM
Natural Gas: Technically Sounds Bullish Above $2.794
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