🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Natural Gas: 2022 Likely to End with a Wild Price Swing

Published 12/30/2022, 03:26 AM
Updated 07/09/2023, 06:31 AM
NG
-


Movements of natural gas futures since the announcement of the weekly inventory on Thursday indicates a wild price swing is likely on the last trading session of 2022.

Undoubtedly, both the bears and the bulls are struggling to prove their strength, which has constructed a strong base for the bulls to carry on buying sprees above the significant support at $4.428.

Since the weekly withdrawal this time was much larger than the 5-year average of -106 Bcf could keep the trend in favor of the natural gas bulls during the upcoming week after Jan.4, 2023.
 Natural Gas Futures 1 Hr. Chart
In a 1-Hour chart, the natural gas futures look ready for a breakout that could start at 05:00 a.m. in today’s trading session as the base formation seems to be over now.
 Natural Gas Futures 4 Hr. Chart
In a 4-Hour chart, the natural gas futures have formed a bullish hammer could find next confirmatory candle shortly before 06:00 a.m. today.
 Natural Gas Futures Daily Chart
In a daily chart, natural gas futures could find strong reversal from the current level. Only a breakout above the immediate resistance at $4.881 will confirm the continuity of a steep reversal.

Undoubtedly, a weekly closing by the natural gas futures above $5.5 could confirm the current uptrend as the natural gas futures could not ignore the arrival of the Winters at this point of time.

Best wishes to everyone for a happy and prosperous New Year!

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 in the world.

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.