Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Natural Gas: Uptrend Still Stands Strong

Published 02/20/2017, 10:08 AM
Updated 07/09/2023, 06:31 AM
NG
-

Natural gas futures price opening in the first trading session of the week, with a gap-up at $2.913 on February 19th, 2017 at 18:00 and started to come down from there, may be due to profit booking. On analysis of natural gas futures price in a different time zone, I was confident about today’s opening and find it is still maintaining an uptrend during the first trading session. I mentioned this expected gap up move in my last analysis. Natural gas futures price is maintaining its existence still at $2.888, which confirms the strength of the uptrend will continue during this week of February 20th, 2017.

On analysis of natural gas futures price in different time zones since February 17th, 2017 till the time of submission of my last analysis, I find the moving zone for natural gas futures price during this week of February 20th, 2017 will remain in the range of $2.847 to $ 3.394.

This expected gap up inclined to define an expected trading zone for the week of February 20th, 2017 in the following 1 hour and 5 hour charts even before the first opening session of the. I have just been waiting to submit this analysis along with the Charts showing the movement of natural gas in the same charts, since a few hours, after the opening bell of the first trading session.

I, therefore, am going to present the position of natural gas futures price in both time zones in two ways:
1. Expected Trading Zone, defined before the first trading session on February 18th, 2017
2. Movement of natural gas futures price in same expected trading zone on February 20th, 2017 at 09:15.

I find that the natural gas futures price uptrend still stands strong, as it is still maintaining above the good supportive zone and trying to break its first psychological resistance level of $2.888 and I find it to achieve it very soon.

On analysis of the movement of natural gas in different time zone, I find it to move within this expected trading zone and by forthcoming impending inventory on Thursday and the meeting of cold Canadian air with warm and moist Gulf air by Friday will make the possibility of some more gap ups during this week more evident.

Disclaimer: This analysis is purely based on the technical observations. I do not have any position in natural gas. One can create position in natural gas at his/her own risk.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.