Natural Gas futures are still in the grip of bears as the weather looks quite in their favor.
Only a sustainable move above $6.4 could generate some hopes for futures as the downside could be more as the weather looks quite supportive for bears.
Undoubtedly, the current slide is still steeper since October 14, 2022 as bears are in thick number above $6 is still a psychological resistance for traders.
On a weekly chart, futures have witness the formation of a ‘Exhaustive Candle’ confirms the advent of selling spree from October 14, 2022.
A breakdown below $5.7 will be the second confirmation of the growing weakness that may continue till this weekly closing.
Moreover, the formation of a ‘Bearish Crossover’ with a downward move by the 9 DMA below the 26 DMA confirms a long-term breakdown that could drag-down the price to much lower levels until year-end.
On a daily chart, the price is trading much below the 200 DMA since the formation of extra-ordinary ‘Bearish Crossover’. A breakdown by the 9DMA and 26 DMA below 200 DMA looks evident enough to attract seller on every bounce above $6.068.
Finally, the current position of the price, at the time of writing, at $5.757 confirms that the fall looks quite steep as the demand could remain weak during the upcoming week.
Disclaimer: The author of this analysis does not have any position in Natural Gas. 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: Exhaustion Likely To Grow
Published 10/28/2022, 08:43 AM
Updated 07/09/2023, 06:31 AM
Natural Gas: Exhaustion Likely To Grow
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Latest comments
Hehe people in ur page lost a lot of money… man! Really he is doing bad analysis
Shut up
5 this week with mild weather and fed hike.
Great post
Hehe people in ur page lost a lot of money… man!
Jay Means stupid like u b****... u talk to ur master in a better way next time because i saw during the last 25 years of trading d*** people like u.. F***
u need to talk to ur master in respectful s*** of the b****.. last time! i saw kissing a** people like during my past 25 years in trading
i guess you need an anger management class.
💪👍😎👏good work
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