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Natural Gas Bottomed Near 2.63 and May Resume Bullish TrendNatural Gas Bottomed Near 2.63 and May Resume Bullish Trend Natural Gas bottomed near 2.63 and confirmed a bullish movement by completing a bullish wedge pattern. The daily candles over the past two days indicate strong bullish volume. This upward movement is also supported by ongoing conflict in the Middle East, the future developments of which remain unclear. After any small pause, NG may resume its upward movement. You may find more details in the chart! Thank you and Good Luck! ❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
CAPITALCOM:NATURALGASLong
by KlejdiCuni
1
$NATURALGAS near strong resistance but not entirely exhaustedCAPITALCOM:NATURALGAS is entering in strong seller territory again and it's going to be tough to crack the resistance above where we have 200 ema on the weekly chart with a total volume of approximately 513K orders of which sellers beat buyers by 39%. Right above that we have another 721K orders where sellers dominate by 70%. But contrary to last time where we visited this area (30th Sep) things me be a bit more promising from a technical perspective. On the weekly chart RSI and OBV are less overbought than the previous attempt and from the recent swing high (from previous week) they point upwards hinting at further momentum continuation with price sitting right above the 50 ema (weekly)with the 20 ema (weekly) about to crossover for yet another bullish sign. Lastly, we have price sitting above a support of 220K orders with buyers being 14% more than sellers (not a very strong support when considering the resistance right above us though). On the daily chart we have price above 20, 50 and 200 ema with RSI and OBV increasing sharply and not yet overbought or indicating any divergence (so far) which is promising for further uptrend. Price is about to penetrate the supply zone at 2.98-3.12 with about 14% more buyers than sellers. A volume based support is visible at 2.86-2.81 with the demand zone being way lower near summer lows. On the 4h chart RSI and OBV appear overbought, however no regular bearish divergence can be observed, indicating that the current trend strength remains unchanged (remember that markets can remain in overbought/oversold situations for an extended period of time - and a reversal is more likely to occur when they start becoming less and less overbought as price makes higher highs i.e regular bearish divergence). Recently we broke yet another resistance and price might return and retest this area near 2.99-2.91. A supply zone is visible at 3.12-3.19 hinting at the next possible resistance in the short term. Lastly, Elliot's 5wave model predicts that given the existing trend the next pivot point is near 3.37 before we see a substantial retracement at least on the 4h chart. Finally on the 1h chart we start observing signs of trend weakness with price making higher highs but at the same time RSI and OBV being less and less overbought and a reversal candlestick pattern being formed. Also from the same 5wave model we are theoretically at a pivot point, with an expected retracement until 2.57! The demand zone is observed at 2.94-2.97 and might act as a support in the future for further uptrend continuation. There are some problems with the above signs of weakness on the hourly though and the most important one is that all the divergences observed during last session occurred with suboptimal volume. This might be an attempt of manipulation of a fake breakdown or it can simply mean that people are simply collecting some of their earnings either as part of their usual risk management strategy or due to the fact that above (weekly chart) we face a very strong resistance from a technical perspective. To sump up, it is clear that we are headed towards a strong resistance in fact we are already in it for some of the charts: 3.03-3.25 (w), 2.99 - 3.14 (d), 3.11-3.18 (4h), 3.10 - 3.19 (1h). We have possible support based on volume at 2.59 (w), 2.86 (d), 2.97- 2.85 (4h) and 2.97-2.94 (1h). Trend is still strong on the w, d and 4h chart with signs of weakness observed on the 1h chart. Since we made almost 14% in a single week, some retracement would be reasonable but then again the market maker has his own reasoning. Given that personally I do not see bearish divergence occurring at 4h or above, I am leaning towards the assumption that any pullback we might see in the next week is likely to find support within the volume depicted in the 4h and 1h charts. Personally I will be looking to buy the dips near previous volumetric orderblocks if price action shows that they hold and price bounces up from there with bullish divergence.
CAPITALCOM:NATURALGASLong
by chriskokal1
2
Natural gas longNatural gas long Please don't be greedy ENTRY : yellow point TP : blue lines SL : below red line for LONG position above red line for SHORT position INSTRUCTIONS: For risk and money management: 5% of your wallet for LEV X ≤20 And 3% of your wallet for LEV X ≥ 20 Trading is not easy, there are difficult times too. However, with a lot of courage and strategies, we always end up coping with these bad moments. Don't be afraid to hit stop losses, there is no shame in hitting stop losses. fame doesn't make you a bad trader. Even a good trader does not win all of his trades, but he wins more than 75% of them or at least he remains positive or stable in his wallet. you will love trading with me
CAPITALCOM:NATURALGASLong
by RODDYTRADING
XNGUSD. A possible upside rebound in the short termFundamental analysis US natural gas prices consolidated in the short term after forecasts for higher demand and a federal report showing smaller-than-usual storage additions. This comes as producers reduced drilling earlier this year. However, gas stocks are still more than 4.5% above normal levels. Meteorologists expect warmer-than-normal weather through Nov. 1, though demand, including exports, is now forecasted higher than previously thought. Technical analysis Price continues in a downtrend in the short term, however, it is approaching the 38.2% Fibonacci level (around 2.71) while the RSI is showing a bullish divergence after being in oversold sold. This could suggest an upside recovery in the near term.
FXOPEN:XNGUSDLong
by MariaAgustinaPatti_Exness
Natural Gas Price Drops Over 8% Since the Start of the MonthNatural Gas Price Drops Over 8% Since the Start of the Month On 26 September, when analysing the XNG/USD natural gas price chart, we noted that: → Bulls might be "gathering strength" for a potential attempt to break the psychological level of 3.00. → If successful, this would pave the way towards the yearly high around 3.20. Since then, the price of natural gas: → Broke above the 3.00 level on 27 September; → Reached 3.20 on 4 October, after which it reversed downward. Bearish sentiment was driven by: → News that Hurricane Helen had minimal impact on natural gas processing facilities along the U.S. Gulf Coast; → Adequate gas reserves ensuring sufficient supply; → Weather forecasts indicating short-term gas demand at the end of September. Technical analysis of the XNG/USD chart shows the upward channel (marked in blue) has lost relevance. It’s evident that: → The bounce from the median line (shown by the first arrow) was weak; → The attempt to re-enter the channel from its lower boundary (as shown by the second arrow) led to a test of the 3.00 psychological level, which acted as resistance. There are no signs yet of bulls trying to regain control on the XNG/USD chart. If the supply and demand balance remains unchanged, the natural gas price may continue its decline within the red downward channel, possibly towards its lower boundary, reinforced by the former resistance at 2.65. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XNGUSD
by FXOpen
2