NG: Potential bottom is forming at $1.78 level. Natural Gas July futures contracts were trading lower on Tuesday finding support at $1.78. MACD histogram is at the crossing point pointing toward higher prices. Near-term resistance is seen near $1.978, a 38.2% Fib retracement level of the recent move down, with $2.048 being a 50% Fib retracement. RSI is also...
Natural Gas NG July futures contract gapped up to $1.93, but quickly retraced to $1.915 level, which is 50% Fib level of its recent run. Prices are going lower into Thursday EIA report, as SP Global Platt reported decline in demand. Fib levels that may serve as support: $1.195 - 0.5; $1.900 - 0.382; $1.881 - 0.236; $1.85 - 0. Currently stabilizing at $1.90. Both...
NG: Natural Gas futures NG switched to July contract on May 26 at 18 p.m. gapping up to $1.93. Based on 4 Hr chart, resistance of $2.0 has not been reached yet indicating potential to go higher. MACD crossed pointing toward higher prices as well. RSI is at 60, which has been the level that capped the most recent rally at $2.0 (May 18 -22). Chande momentum is...
Natural Gas NG has moved higher in Tuesday trading session. Short-term resistance is seen at $1.8, support at $1.76. UGAZ trading between $15.70 and $17.70, with $16.65 being important level to stay above. NG needs to break through $1.8 to challenge its next resistance level at $2.0. With fundamentals turning bullish, it is a possible target. $UGAZ: next upside...
SPX500 continues its rally in pre-market trading reaching $3009 level. The index is overbought on 4 Hr chart, with Daily chart showing little movement. A pullback may be needed to keep it going higher. We may expect a double top formation on 4 Hr chart before RSI correction into 30 territory. RSI momentum is pointing toward higher prices (near-term). Chande...
Natural Gas June futures contract continues consolidating within a narrow range: $1.68 - $1.76. A potential for a move higher is seen in the near-term. UGAZ: Based on 1 Hr chart pattern and Chande Momentum indicator, an upside move can be expected within May 26 - 27 timeframe; $20 is seen as first upside target, $22-23 level as resistance, while $15.30 is seen as...
Potential bottoming patterns are seen on multiple time frames of natural gas contracts. June Natural Gas contract and Chande Momentum charts show higher lows. NG: However, NG June contract chart is pointing lower due to fundamental factors - economic shutdown and overall reduced demand. If prices hold support at $1.70 on Friday into closing, that would be an...
Natural gas futures contracts NG finished the day lower after EIA inventory report showed a less than expected build of 81 bcf vs 98 bcf predicted. Regardless of a substantially lower build, NG prices dropped 3.3% on Thursday. Short-term momentum turned negative, while medium term momentum is neutral pointing toward consolidation and possibly lower prices. The...
Natural Gas July futures NG gapped up on the open from $1.63 to $1.75, but then dropped to $1.71. 2 Hr MACD chart crossed forming some sort of consolidation zone. NG is trading higher July contracts. The fundamentals remain bearish: oversupplied condition vs. low demand. For the next two weeks, the weather is not expected to be hot enough to generate substantial...
NG: Natural Gas June futures rallied on Thursday into EIA report, which showed in-line storage build of $103 bcf. Natural gas stocks were 799 bcf higher than this time last year. The fundamentals remain on the bearish side with low consumption and warming weather. However, the economy is reopening, which is a bullish factor. NG chart dipped after reaching nearest...
Natural gas futures contracts NG has drifted lower on Wednesday reaching $1.6 with corresponding UGAZ price at $15.27. The NG chart moved a little higher from there trying to establish a bottom. Should we not hold $1.6 level, the next possible level of support is $1.5. In that case, UGAZ may go lower toward $13 handle. Near-term resistance is seen at $1.8 and...
Natural gas futures contracts moved lower this week on low demand due to ongoing COVID lockdowns and warming weather. Support seen earlier at $1.72, has been broken. Next possible levels of support are $1.6 and $1.5. Another triple digit injection of around 104 bcf is expected on Thursday (EIA report). Supply-Demand deficit is expected to narrow: April -6.64...
SPY ETF (S&P500) has reached its 200 EMA at $294 (purple line). This is a significant level, as it may serve as resistance. If we break through $300, then the market may continue going up to $340. 50 day EMA (red) is close to crossing 100 day EMA (green) from below, pointing toward higher prices. MACD chart is near the top, but is still pointing upward. Based on...
Gold Futures (GC) chart has been coiling on a daily chart, trading risk-on along side with SPY (SPX500). The main trend for gold is up. MACD and RSI charts are pointing downward. Secondary lower top has been formed. Yet, prices are holding up. FOMC decision to keep rates unchanged at 0.25% was bearish for traders hoping for negative rates. However, facing high...