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
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
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
Bullish
Gold
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
GBP/USD
Mixed
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
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
More View more
Real Time News
  • “Google’s Fitbit deal has encountered some legal friction in the EU. How will Europe’s stance on digital sovereignty impact the #Euro? Get your market update from @ZabelinDimitri’s here: https://t.co/Etz3MCuhQC https://t.co/oMaeQGUqqY
  • Trump says considering term-limited suspension of payroll tax - BBG
  • RT @FxWestwater: #SP500 Outlook: Options Traders Positioned for New All-Time High w/ @RichDvorakFX via @DailyFX $SPX https://t.co/8WkV…
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
Natural Gas Price Weekly Forecast: A Pullback or Comeback?

Natural Gas Price Weekly Forecast: A Pullback or Comeback?

2019-12-05 15:00:00
Mahmoud Alkudsi, Analyst
Share:

Natural Gas Technical Analysis

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 – Sellers Hold Fire

On Friday, downside move led natural gas towards $2.258- its lowest level in eight weeks. The weekly candlestick closed with a 14.3% loss. This week, the price rallied as some sellers took profit and exited market.

The relative Strength Index (RSI) rose from 30 to 42 then remained flat reflecting a weaker downtrend momentum.

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

Nat-Gas DAILY Price CHART (May 15, 2018 – DEC 5, 2019) Zoomed Out

Natural Gas Daily price chart 05-12-19 Zoomed out

Nat-Gas DAILY Price CHART (AUg 1 – DEC 5, 2019) Zoomed IN

Natural Gas Daily price chart 05-12-19 Zoomed in

Looking at the daily chart, we notice at the start of the week natural gas entered a higher trading zone $2.340- $2.490. On the following day, the price tried to rally to the next zone however, natural gas reverted back to the zone as some buyers took profits.

Thus, a close below the low end of the zone could offer sellers the opportunity to take charge and press natural gas towards $2.210. Further close below this level could embolden more sellers to join the market and lead the price towards $2,124. In that scenario, a special attention needs to be paid to the weekly support level and areas marked on the chart (zoomed in) as some sellers could take profit at these points.

On the flip-side, a close above the high end of the zone may push the price towards the vicinity $2.552-56. Further close above this area could entice market’s participants to rally the price towards the vicinity of $2.642-50. That said, the weekly resistance levels underlined on the chart should be considered.

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

Natural Gas price Four-Hour PRICE CHART (Nov 5 – DEc 5, 2019)

Natural Gas Four- Hour price chart 05-12-19

From the four- hour chart, we notice on Nov 10 natural gas started a downtrend move as opened with breakaway gap then followed in the week after with a runaway gap. On Nov 27, the price rebounded from $2.555 in multiple occasions and this accelerated downtrend move causing more losses. On Dec 3, natural gas failed to clear $2.500 handle.

Thus, a break below $2.258 could resume bearish price action towards $2.162. Although, the support level marked at $2.210 should be kept in focus. On the flipside, a successful break above $2.500 handle could push natural gas towards the vicinity of $2.552-56. Nevertheless, the weekly resistance level underlined on the chart would be worth monitoring.

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

Join Me on Friday, Dec 6 at 14:00 GMT. In this session we will talk about common directional and momentum indicators and how to use 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.