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.

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
Subscribe
Please try again
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.14% 🇦🇺AUD: -0.05% 🇨🇦CAD: -0.08% 🇳🇿NZD: -0.13% 🇬🇧GBP: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cSsg7l8b4x
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.05% Wall Street: 0.01% US 500: 0.01% France 40: -0.02% FTSE 100: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CyoJBdYbGT
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Gold: 0.01% Silver: -0.22% Oil - US Crude: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cZeVIxiAJm
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.32%, while traders in NZD/USD are at opposite extremes with 75.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fmCBX0W0w3
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.07% Silver: -0.21% Oil - US Crude: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MBlfthkrSp
  • Heads Up:🇲🇽 Monetary Policy Meeting Minutes due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-26
  • What are some key influences Black Friday has on the economy and stock markets? Find out: https://t.co/KIsvaIWZDN https://t.co/NS7o4MrEok
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.06% US 500: 0.04% Wall Street: 0.01% France 40: -0.03% FTSE 100: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zTLPlL868T
  • 🇨🇦 Average Weekly Earnings YoY (SEP) Actual: 6.9% Previous: 7.9% https://www.dailyfx.com/economic-calendar#2020-11-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.45%, while traders in NZD/USD are at opposite extremes with 74.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rb0KHIpnDO
Natural Gas Price: Risk of A Possible Reversal - Nat Gas Technical Forecast

Natural Gas Price: Risk of A Possible Reversal - Nat Gas Technical Forecast

2020-03-04 16:00:00
Mahmoud Alkudsi, Analyst
Share:

Natural Gas Technical Outlook

  • Bears show more sway, yet still in control
  • Natural gas could rally further as support holds

Natural Gas – Bears Ease Up

On Friday, natural gas tumbled to $1.646 – its lowest level in nearly four years. The price rallied after, as some bears seemed to cover. Yet, the weekly candlestick closed 10.8% loss. This week, more bears have eased up allowing the price to rally further.

Alongside that, the Relative Strength Index (RSI) pointed higher from 30 to 47 highlighting weaker downtrend move.

Nat-Gas DAILY Price CHART (JUL 23, 2018 – Mar 4, 2020) Zoomed Out

Natural gas daily price chart 04-03-20 zoomed out
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

Natural Gas DAILY Price CHART (DEc 5 – Mar 4, 2020) Zoomed IN

Natural gas daily price chart 04-03-20 zoomed in

Looking at the daily chart, we noticed that yesterday natural gas moved to a higher trading zone $1.798 - $2.140 providing a bullish signal. Additionally, we spotted bullish divergence between the price and RSI as the first created a low with lower low meanwhile, the latter created a low with a higher low highlighting a possible reversal of current downtrend.

Hence, the price could be on the way for a test of the high end of the zone. Further close above this level might encourage bulls to push towards $2.296. That said, the weekly resistance level marked on the chart (zoomed in) should be considered.

On the flip-side, any close below the low end of the zone paves the way for bears to possibly press the price towards $1.610. Further close below that level could mean more bearishness towards $1.248. Special attention should be paid to the daily and weekly support levels printed on the chart as some traders may join/exit around these points.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Natural Gas price Four-Hour PRICE CHART (DEC 29 – Mar 4, 2020)

natural gas four hour price chart 04-03-20

From the four- hour chart, we noticed that on Monday natural gas broke above the downtrend line originated from the Feb 20 high at $2.024 eyeing a test of $1.915. Yet, the price might rebound from the 26 high at $1.886 and develop inverted head and shoulders pattern.

Thus, a break above $1.915 may cause a rally towards the high end of current trading zone discussed on the daily chart. Although, the weekly resistance level underlined on the chart should be considered. On the other hand, a break below $1,745 may send the price towards $1.645. Nonetheless, the daily support level underlined on the chart would be worth monitoring.

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