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
More View more
Real Time News
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% Wall Street: 0.00% US 500: -0.01% FTSE 100: -0.08% France 40: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vk97Gc2YNG
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JVcUobefnY
  • China Securities Regulator says China will look to curb excessive bond financing and prevent high leverage
  • 💶 Inflation Rate YoY Final (SEP) Actual: 3.4% Expected: 3.4% Previous: 3% https://www.dailyfx.com/economic-calendar#2021-10-20
  • 💶 Inflation Rate MoM Final (SEP) Actual: 0.5% Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-10-20
  • 💶 Core Inflation Rate YoY Final (SEP) Actual: 1.9% Expected: 1.9% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-10-20
  • ECB's Weidmann submits resignation as Bundesbank President $EUR
  • Heads Up:💶 Inflation Rate YoY Final (SEP) due at 09:00 GMT (15min) Expected: 3.4% Previous: 3% https://www.dailyfx.com/economic-calendar#2021-10-20
  • Heads Up:💶 Inflation Rate MoM Final (SEP) due at 09:00 GMT (15min) Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-10-20
  • Heads Up:💶 Core Inflation Rate YoY Final (SEP) due at 09:00 GMT (15min) Expected: 1.9% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-10-20
Natural Gas Price: May Rally Further As Support Level Holds

Natural Gas Price: May Rally Further As Support Level Holds

Mahmoud Alkudsi, Analyst

Natural Gas Technical Forecast

  • Bears ease up-selling pressure
  • Will bulls take charge?

Natural Gas Price – Indecisive Traders

On Friday, natural gas declined to a two-week low at $1.772 then rallied after and closed the weekly candlestick with a Doji pattern signaling the market’s indecision at this stage.

Alongside that, the Relative Strength Index (RSI) remained flat below 50 highlighting a paused bearish momentum.

Nat-Gas DAILY Price CHART (Nov 2, 2018 – June 5, 2020) Zoomed Out

Natural gas daily price chart 05-06-20 zoomed out

Natural Gas DAILY Price CHART (March 10 – June 5, 2020) Zoomed IN

Natural gas daily price chart 05-06-20 zoomed in

On May 29, the price rebounded from the uptrend line originated from the April 16 low at $1,653. This week, Natural gas remained trading above the aforementioned line reflecting bear’s hesitation. Yesterday, the market climbed to the current trading zone $1,850 - $2,050 yet closed below the 50-day moving average.

Another close above the low end of the trading zone may encourage bulls to push towards the high end of it. A further close above this level may extend the rally towards $2,139.

On the flip-side, any close below the low end of the zone signals a possible fall towards $1,655. A further close below that level could send the market even lower towards $1,430.

That said, the daily and weekly support and resistance levels marked on the daily chart should be kept in focus.

Natural Gas price Four-Hour PRICE CHART (May 25 – June 5, 2020)

natural gas four hour price chart 05-06-20

On Monday, the price rallied above the downtrend line originated from the May 27 high at $1,979 and generated a bullish signal. Yesterday, the price respected the uptrend line originated from the June 1 low at $1,760 and provided another bullish signal.

Thus, a break above $1,927 could trigger a rally towards $2,040 in turn, a break in the other direction i.e. below $1,822 may send natural gas back towards the June 1 low mentioned above. Nonetheless, the daily support and resistance underlined on the four-hour chart should be watched closely.

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