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.

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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • Fed's Barkin: - Significant and extended fiscal policy makes sense - We have taken the balance sheet down $DXY
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.09% France 40: -0.12% Wall Street: -0.72% US 500: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/svzRV1JmbY
  • Fed's Barkin: - We already have a digital currency, its the US Dollar $DXY
  • Fed's Barkin: - Stock market not reacting to certain events is surprising $DXY $VIX
  • Fed's Barkin: - Coronavirus injecting a lot of uncertainty - Logistics in China making it hard to get manufacturing restarted $USDCNH
  • US #equity futures are marginally lower, with the #Dow Jones down 0.1%. However, despite the investor angst over the rising spread of the #Coronavirus, US equities have generally remained relatively robust. Get your market update from @JMcQueenFX here: https://t.co/QszmxFnYpt https://t.co/a77cCZFQ3B
  • Fed's Barkin: - US economy pacing well - Investment should recover with reduced uncertainty around trade $DXY $SPX
  • RT @TheBubbleBubble: World government debt to hit record $53 trillion this year: S&P Global: https://t.co/8cwkXqiI6j $TLT $IEF
  • #Oil prices find support as market angst around the novel #coronavirus outbreak dissipate and prospects for more production cuts from #OPEC grow, but the rebound in crude could be short-lived. (via @DailyFX) Full Analysis: https://www.dailyfx.com/forex/technical/home/analysis/usoil/2020/02/20/crude-oil-extends-support-bounce-on-opec-as-virus-fears-abate.html $USO $CL_F #OOTT #CrudeOil #WTI https://t.co/W3zkXjuqf5
  • $USDJPY rises to highest level since April 24th https://t.co/0xPjuttP9i
Natural Gas Price Weekly Technical Forecast: Exhausted Downtrend Move

Natural Gas Price Weekly Technical Forecast: Exhausted Downtrend Move

2019-12-19 15:00:00
Mahmoud Alkudsi, Market Analyst
Share:

Natural Gas Technical Analysis

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

Natural Gas – Slower Bearish Momentum

On Dec 8, natural gas printed $2.213- its lowest level in over three months. The price rallied after as some sellers took profit. The weekly candlestick closed on Friday with a 0.9% gain.

Alongside this, the Relative Strength Index (RSI) rose from 32 to 45 reflecting a weaker downtrend move.

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

Nat-Gas DAILY Price CHART (May 15, 2018 – DEC 19, 2019) Zoomed Out

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

Nat-Gas DAILY Price CHART (Sep 27 – DEC 19, 2019) Zoomed IN

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

Looking at the daily chart, we notice on Dec 9 natural gas rallied to a higher trading zone 2.210 -2.340. However, the price failed in multiple occasions to move to the higher trading zone, reflecting that some sellers were still holding their positions.

A close below the low end of the zone may cause more sellers to join the market. This may lead the price towards $2.124. Further close below this level could mean more bearishness towards $2.033. In that scenario, the weekly support levels underlined on the chart (zoomed in) should be kept in focus as some sellers could take profit at these points.

On the flip-side, any failure in closing below the low end of the zone highlights seller’s hesitation. This may cause a price reversal towards the high end of the zone. Further close above the high end opens the door for buyers to correct the downtrend move and push natural gasde towards the vicinity of $2.490-82. That said, the weekly resistance levels marked on the chart should be watched closely.

Oil - US Crude BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -7% 4% -4%
Weekly -18% 12% -13%
Learn how to use Sentiment in your trading strategy
Get My Guide

Natural Gas price Four-Hour PRICE CHART (Nov 5 – DEc 19, 201

Natural Gas Four Hour price chart 19-12-19

From the four- hour chart, we notice on Dec 8 natural gas opened with a gap (exhaustion gap following runaway gap) signaling that downtrend move is nearing its end. Yesterday, the price broke below the uptrend line originated from the Dec 9 low at $2.199 eyeing a test of $2.179.

A break below $2.093 could press natural gas towards $2.033. Yet, the weekly support level underlined on the chart should be considered. On the other hand, a break above $2.298 may push the price towards $2.340. Although, the daily resistance level underscored on the chart should be monitored.

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

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

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.