NG sidelines trend will continue...
Natural Gas has been very predictive and consistently trading in the range between 2.45 to 2.9(max $3).
- as long as RSI stays above 40 (14day RSI) - NG will be on sidelines with some spikes (based on weekly NG data)
- last 3 month contacts ending at 2.55 to 2.6
- Every month on calendar date 14 to 16th it is touching lows and goes up for next week and comes down by the time monthly contact expires - then recovers for 7 days then falls to lowest of the month.
- 200 MA still holding up and moving up
- 14 and 50 day MA converging and steadying [strong indicator to sidelines trading]
- as long as smaller triangle formation inside the range (2.45 to 2.89) stays - it won't fall below 2.4 or it wont go beyond 3.2 (max).
- Given factful data NG inventories raises cooling down every week and temp still stay above avg in US and getting close to winter season in Q4 will keep NG prices volatile but stay in sideline ranges.
CONCLUSION : Stick to basics and fundamental principle of technical trading - it is best time in many years to trade NG !
- as long as RSI stays above 40 (14day RSI) - NG will be on sidelines with some spikes (based on weekly NG data)
- last 3 month contacts ending at 2.55 to 2.6
- Every month on calendar date 14 to 16th it is touching lows and goes up for next week and comes down by the time monthly contact expires - then recovers for 7 days then falls to lowest of the month.
- 200 MA still holding up and moving up
- 14 and 50 day MA converging and steadying [strong indicator to sidelines trading]
- as long as smaller triangle formation inside the range (2.45 to 2.89) stays - it won't fall below 2.4 or it wont go beyond 3.2 (max).
- Given factful data NG inventories raises cooling down every week and temp still stay above avg in US and getting close to winter season in Q4 will keep NG prices volatile but stay in sideline ranges.
CONCLUSION : Stick to basics and fundamental principle of technical trading - it is best time in many years to trade NG !
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.