0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • $Gold breaks the st sym wedge, next big question - what happens at 1985-2k https://t.co/pnF9DwmOGj https://t.co/EOPIoIt9RN
  • S&P 500, Nasdaq Price Forecast: SPY, QQQ Inch Towards All-Time-Highs https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/08/13/SPX-SPY-ES-Nas100-Price-Forecast-SPY-QQQ-Near-All-Time-Highs.html https://t.co/B5CRdXtgVT
  • Heads Up:🇲🇽 Interest Rate Decision due at 18:00 GMT (15min) Expected: 4.5% Previous: 5% https://www.dailyfx.com/economic-calendar#2020-08-13
  • Fauci: Health is primary concern for reopening schools - BBG
  • While the Dollar is under pressure, most USD pairs are still abiding recent congestion. $USDCAD is an exception, tentatively slipping a trendline support going back to 2012. That said, it is unlikely just one Dollar pair will run while others range https://t.co/tZLVa4gJNp
  • The British Pound has shown strength so far this week against both the US Dollar and the Japanese Yen.Get your $GBP technical analysis from @JStanleyFX here: https://t.co/GMt8FhWM66 https://t.co/AgSEA24Tp0
  • Fauci: US didn't have universal effort to contain COVID pandemic - BBG
  • US 30-Year Bonds Draw 1.406% Primary Dealers Awarded: 28.3% Indirect Bidders Accepted: 59.8% Direct Bidders Accepted: 11.9% B/C Ratio: 2.14 $TNX
  • Commodities Update: NYM WTI Crude 42.27 (-0.94%), ICE Brent Crude 45.00 (-0.95%), NYM NYH Gasoline 122.56 (-1.46%). [delayed]
  • #Gold prices have stabilized after suffering their worst daily loss since April 2013. Are bulls still in control? Find out from @CVecchioFX here: https://t.co/YHqxUnKZte https://t.co/F9TdNFQGhA
Natural Gas Eyes Extending its Rally- N Gas Price Technical Analysis

Natural Gas Eyes Extending its Rally- N Gas Price Technical Analysis

2019-11-07 15:35:00
Mahmoud Alkudsi, Analyst
Share:

Natural Gas Technical Forecast

Did we get it right with our Gold and Crude Oil forecasts? Find out more for free from Q4 main currencies and commodities forecasts

Natural Gas – Buyers in Charge

On Oct 31, Natural gas’s uptrend led the price to break above the Sep 17 high at $2.735. This week, the uptrend accelerated and pushed the price on Tuesday towards a new high at $2.922 – highest printed level in over nine months.

Alongside this, the relative Strength Index (RSI) on Nov 1, crossed above 70 and remained in overbought territory indicating to buyer’s domination at this stage.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Nat-Gas DAILY Price CHART (Jan 15, 2018 – Nov 7, 2019) Zoomed Out

Natural Gas Daily price chart 07-11-19 Zoomed out

Nat-Gas DAILY Price CHART (Aug 27 – Nov 7, 2019) Zoomed IN

Natural Gas Daily price chart 07-11-19 Zoomed in

Looking at the daily chart, we notice on Monday, the price moved to a higher trading zone $2.799 - $2.896. However, natural gas failed twice this week to move to the following higher zone. This caused the price to revert its direction towards the low end of the zone.

Hence, a close above the low end of the zone could push natural gas towards the high end. Further close above the high end could see the price trading even higher towards $2.956. Although, the weekly resistance level underlined on the chart (zoomed in) should be monitored.

In turn, a close below the low end of the zone could press natural gas towards the vicinity of $2.735-30. Further close below $2.730 could cause more bearishness towards the vicinity of $2.650-45. In that scenario, sellers need to keep an eye on the weekly support levels underscored on the chart.

Just getting started?See our Beginners’ Guide for FX traders

Natural Gas price Four-Hour PRICE CHART (Sep 17 – Nov 7, 2019)

Natural Gas Four Hour price chart 07-11-19

From the four- hour chart, we notice today Natural gas broke below the neckline of double top pattern located at $2.856. The price rebounded from the pattern’s target slightingly below the low end of the discussed trading zone above on the daily chart.

Thus, sellers could take the lead if natural gas breaks below $2.725. This could send the price towards $2.662. Although, the weekly support level underlined on the chart should be considered.

On the other hand, buyers could resume bullish price action if natural gas breaks above $2.933 hinting towards $3.004. Nevertheless, the weekly level marked at $2.956 should be watched closely.

See the chart to know more about key levels to monitor in a further bullish/bearish move.

Join Me on Friday, Nov 8 at 14:00 GMT. In this session we will talk about most common reversal patterns and how to trade them.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.