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Natural Gas Sees Bullish Turnaround as Technical Signals, Strong Demand Converge

By Satendra SinghCommoditiesNov 29, 2023 12:45PM ET
www.investing.com/analysis/natural-gas-sees-bullish-turnaround-as-technical-signals-strong-demand--converge-200643994
Natural Gas Sees Bullish Turnaround as Technical Signals, Strong Demand Converge
By Satendra Singh   |  Nov 29, 2023 12:45PM ET
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Since I wrote my last analysis on Oct. 8, 2023, Natural Gas Futures remained in bearish territory after the formation of head and shoulders pattern and tested a high at $3.623 on Oct. 31, 2023.

After testing a low on Nov. 28, 2023, the commodity found strong buying support above the 200 DMA, currently at $2.626 in a Daily Chart, confirms the advent of price reversal from the current level.

Natural Gas Futures Daily Chart
Natural Gas Futures Daily Chart


Technically speaking, the formation of ‘Abandoned Baby’ looks evident in the daily chart looks enough for a move by the natural gas futures could test a level above $3.2 in short term.

Fundamentally, frosty air lingers across much of the US this morning w/lows of 0s to 30s for growing demand. Temperatures will warm to near or above the normal over much of the US late this week through next week, with highs of 30s to 50s across the northern US and 50s to 80s across the southern US for light to very light demand, according to natgasweather.com.

Jan’24 natural gas prices curiously rallied to $3 early yesterday, potentially due to Dec’23 expirations, then plunged during the day after further warmer trends and a much warmer vs normal pattern for Dec 2-12 were too much to ignore. 

If natural gas futures close this week above the immediate strong resistance at $3.029, next week could witness strong buying to push the Jan’24 futures above the second resistance at $4.637 before Feb. 28, 2028, amid growing volatility.

***

Disclaimer: The author of this analysis does not have any position in Natural Gas futures. All the readers should create any bid at their own risk as Natural Gas is one of the most liquid commodities in the world

Natural Gas Sees Bullish Turnaround as Technical Signals, Strong Demand Converge
 

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Natural Gas Sees Bullish Turnaround as Technical Signals, Strong Demand Converge

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Comments (28)
Phong Nguyen
Phong Nguyen Dec 12, 2023 1:20AM ET
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How can you be so wrong all the time??? Anything to say now ?
roy reap
roy reap Dec 12, 2023 1:06AM ET
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🤡🤡🤡🤡🤡🤡🤡🤡🤡🤡always
Mukesh Agarwal
Mukesh Agarwal Dec 11, 2023 11:03AM ET
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I think he is shamless person.
Mukesh Agarwal
Mukesh Agarwal Dec 10, 2023 10:12PM ET
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Mr Singh is paid analyst
bE Right
BeRight Dec 10, 2023 10:12PM ET
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Don't call him an Analyst (nowhere close). Call him a crayon chartist !!! Always wrong.
roy reap
roy reap Dec 10, 2023 10:12PM ET
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he is a 🤡🤡🤡🤡🤡🤡
Very Spicy 신라면교
Very Spicy 신라면교 Dec 07, 2023 3:18AM ET
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His article is a sign to go opposite dont make fun of him his name is singh after all.
Akash purohit
Akash purohit Dec 07, 2023 12:53AM ET
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How can someone be so consistently wrong?
Mukesh Agarwal
Mukesh Agarwal Dec 06, 2023 9:05PM ET
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Mr Singh, what is your analysis now ?
Phong Nguyen
Phong Nguyen Dec 06, 2023 11:57AM ET
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Never missed, every time you open yput mouth to call NG will go up, turn around is coming… it drops much deeper !!!
Fouad AS
Fouad AS Dec 05, 2023 10:31AM ET
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every time you comment, NG drops 20% , though you will be sure of the uptrend like no tomorrow. Bro you are far away from analyzing.
Phong Nguyen
Phong Nguyen Dec 04, 2023 10:42PM ET
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I believe one of these days his guess will come true, hopefully, it will happen in my lifetime. Btw, I'm 29 yrs old.
 
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