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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:https://t.co/vRUVxvQP8o https://t.co/cUEkW9BfIP
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown. https://t.co/iWOlDAK8cD https://t.co/0uS5VvWj12
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -0.27% Silver: -0.91% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PgsZBsHHp8
  • The Canadian Dollar is poised to snap a three week losing streak against the US Dollar after USD/CAD reversed sharply off technical resistance early in the week. Get your $CAD market update from @MBForex here:https://t.co/JhO6n3Di9h https://t.co/17N1aFRUDB
Natural Gas Price Forecast: Bulls Struggle For Momentum

Natural Gas Price Forecast: Bulls Struggle For Momentum

Mahmoud Alkudsi, Analyst

Natural Gas Technical Forecast

  • Buying pressure eases up
  • Will bulls stay in charge?

Natural Gas Price – Edging Higher

On Thursday, natural gas rebounded from $1,653 then surged and settled above $1.800 handle. On Friday the market continued its rally and closed the weekly candlestick in the green with a 3.3% gain.

This week, the Relative Strength Index (RSI) fell from 63 to 54 highlighting weaker bullish momentum.

Nat-Gas DAILY Price CHART (Jan 2, 2019 – April 24, 2020) Zoomed Out

Natural gas daily price chart 24-04-20 zoomed out

Natural Gas DAILY Price CHART (Jan 22 – April 24, 2020) Zoomed IN

Natural gas daily price chart 24-04-20 zoomed in

Looking at the daily chart, we noticed that this week the price rallied above the downtrend line originated from the Jan 14 high at $2.225 eyeing a test of $2.139. However, Natural gas failed on multiple occasions to close above the high end of the current trading zone $1.850 - $2.050 reflecting bull’s hesitation at this point.

A close below the low end of the zone could send the price towards $1.655. Further close below that level opens the door for bears to take charge and press towards $1.430. Although, the daily support levels and weekly support area marked on the chart (zoomed in) should be considered.

On the flip side, any failure in closing below the low end of the zone may cause a rally towards the high end of the zone. Further close above that level could extend this rally towards $2.139. That said, the weekly resistance levels underlined on the chart should be kept in focus.

Natural Gas price Four-Hour PRICE CHART (Mar 25 – April 24, 2020)

natural gas four hour price chart 24-04-20

From the four- hour chart, we noticed that on April 22 Natural gas corrected its uptrend and created a lower high at $2.056. The price fell after and developed a double top pattern. Any violation of the neckline of this pattern would be considered a bearish signal.

A break below $1.815 would be considered an additional bearish signal. This could send the price to $1.745.Yet, the daily support level underscored on the chart should be monitored. In turn, a break in the other direction i.e. above $1.984 might cause a rally towards $2,050. In that scenario, the daily resistance printed on the chart would be worth monitoring.

See the chart to find out more about the key technical levels to keep in mind in a further bullish/bearish scenario.

Written By: Mahmoud Alkudsi, Market Analyst

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