Please try another search
Whilst fundamentals and weather play a huge role in driving the price action for natural gas, the technical picture is now increasingly taking centre stage as we move into the warmer months of the year and the commodity responds accordingly.
From a technical standpoint the daily chart for the May contract continues to reflect the heavily bearish sentiment for natural gas, and in particular, we are now approaching a key platform of support in the 2.655 region. The congestion phase of the past two months, which has seen the commodity oscillate between 3.050 to the upside and 2.700 to the downside now finally appears to be breaking down, and should natural gas manage to break through the platform of support we could see a further sustained leg down. Yesterday’s trading session saw the volume rise with the market closing lower, and further confirming the current bearish sentiment.
Moving to the weekly chart this bearish sentiment is self evident here too, where we can see two deep areas of price resistance overhead, the first of these at 3.100 and the second at 2.800. Below, the next logical price point for any support is denoted by the blue dotted line at 2.52, a level which last held in November 2013 and helped to propel the commodity dramatically higher into early 2014, when it touched a weekly high of 5.621, coinciding with the polar vortex in the US.
Homeownership is the quintessential American dream, but it’s become increasingly elusive for many households. A multitude of factors, including soaring home prices, elevated...
Crude oil rose about 4% last week with WTI taking out the $80 and Brent the $85 barrier, reaching levels last seen in November. Factors supporting oil prices include optimism over...
Brent Crude traded over $86 a barrel posting a new high price for the year as bearish narratives around oil and demand and the fallacies of the energy transition have started to...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.