Natural Gas - Creeping higher
Natural Gas is looking to make its highest weekly close since February, earlier this year.
This would be an extreme bullish shift in the overall Gas market.
If we get a new weekly high close, this will likely trigger some energy funds to start accumulating on the long side.
Inventories tomorrow is going be crucial for the price action. We could see a technical weekly breakout of this basing formation if the builds come in lower than expected.
Unlike the last time in February when we approached these levels we are doing it at a much softer rate of change move, which means there's a high chance that this could be a sustainable breakout.
This would be an extreme bullish shift in the overall Gas market.
If we get a new weekly high close, this will likely trigger some energy funds to start accumulating on the long side.
Inventories tomorrow is going be crucial for the price action. We could see a technical weekly breakout of this basing formation if the builds come in lower than expected.
Unlike the last time in February when we approached these levels we are doing it at a much softer rate of change move, which means there's a high chance that this could be a sustainable breakout.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.