XNGUSDSelling XNG/USD at this key resistance level is a strategic move. The graph clearly shows a downtrend, so we are looking for a retracement at this point to confirm the continuation of the smooth downtrend.
NGAS trade ideas
Natural Gas Price: Bullish Trend WeakensNatural Gas Price: Bullish Trend Weakens
Forecasts of a hotter summer, published during April and May, led to a sustained bullish trend in the natural gas market, as this commodity is heavily used for air conditioning.
Specifically:
→ The XNG/USD chart indicates that from 1st April to today, the price of natural gas has increased by more than 55%.
→ According to Bloomberg, there is a 61% chance that 2024 will be the hottest year on record, surpassing 2023.
→ Natural gas supplies may be unstable due to an unforeseen maintenance shutdown at the Freeport plant.
According to the technical analysis of the 4-hour XNG/USD chart:
→ The price of natural gas has formed an ascending channel (shown in blue).
→ On 23rd May, the price reached a 2024 high around the 3.160 level, breaking the upper boundary and entering the overbought zone on the RSI indicator.
→ On 11th June, this high was marginally exceeded, but the price then turned down, forming a false bullish breakout pattern.
Thus, the 3.160 level appears to adequately factor in the risks of an extremely hot summer. Therefore, the bullish trend weakens as it approaches this level.
Meanwhile, bears are becoming more active, indicated by:
→ The price of natural gas twice breaking below the green lines of intermediate upward trends.
→ The price broke below the median line of the blue channel (shown by the arrow).
→ This week, the psychological level of 3.000 acted as resistance.
It is possible that the bears could drive the price down to the lower boundary of the blue channel.
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Natural Gas: A Possible Bearish ScenarioNatural Gas: A Possible Bearish Scenario
Requires more confirmation for NG to move down.
However, considering how NG is developing the chances are that we can see this type of channel pattern taking shape soon.
If NG doesn't make a new high above 3 then it should continue with the bearish scenario
I draw in the chart.
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❤️
June 20th Members Daily AnalysisMarkets saw some selling...QQQ finally lagged!
NVVDA almost 8% reversal range. Bearish engulfing
SOXX absolutely bludgeoned.
Oil ripping / NYSE:XOM monster profits.
AAPL PUT / PROFITS SECURED.
US Natural Gas (XNGUSD)A bearish divergence appeared on daily time frame seems the prices may drop in the coming days with the following reasons:
Global Economic Slowdown: A slowdown in global economic activity, particularly in major gas-consuming regions like China, could reduce demand for natural gas and weigh on prices.
Alternative Energy Sources: An increase in the use of alternative energy sources like solar or wind power could reduce reliance on natural gas and put downward pressure on prices.
Lets monitor.
Are we thinking of Fundamental Analysis enough?Norway's gas exports to Europe fell sharply on Monday as a shutdown of the offshore Sleipner hub halted operations at the Nyhamna onshore processing plant, pipeline operator Gassco said, lifting European prices to their highest level this year.
The outage was caused by a crack discovered in a two-inch pipeline onboard Norway's offshore Sleipner Riser platform, the company said. It was not yet known how long this will take to repair, but the situation is not considered dangerous, it added.
NATGAS +30%Natural gas is likely to remain a useful resource in the future for several reasons:
Abundant and Accessible: Natural gas reserves are abundant and widely distributed across the globe. This accessibility ensures a stable and consistent energy supply, reducing dependence on specific regions or nations for energy resources.
Cleaner Energy Source: Compared to coal and oil, natural gas is a cleaner-burning fossil fuel. It emits fewer greenhouse gases and pollutants when burned, making it an attractive transitional fuel as society seeks to reduce its carbon footprint and combat climate change.
Versatile Energy Applications: Natural gas is versatile and can be used for various applications, including electricity generation, heating, cooling, and transportation. Its versatility allows for its integration into different sectors of the economy, reducing reliance on more carbon-intensive fuels.
Reliable Energy Source: Natural gas power plants are highly reliable and can quickly respond to changes in energy demand. This flexibility makes natural gas a valuable resource for balancing intermittent renewable energy sources like wind and solar, ensuring grid stability.
Economic Benefits: The natural gas industry provides economic benefits through job creation, revenue generation, and energy security. The development of natural gas infrastructure can boost local economies and reduce energy import dependencies, contributing to energy self-sufficiency.
U.S. NATURAL GAS (NGAS) UPTRENDING AGAIN?OWN OPINIONS. NOT FINANCIAL ADVICE
US NGAS has broken short term resistances. If the key longterm trendline is finally broken, it would be uptrending again. NGAS trends in cycles, which means it's mean reversing, so after touching key supports in the 1.60$ area, it's now reversing to the long term means.
Currently, it has broken the 200 day SMA, with a clean backtest and rebound. This price level also serves as a trigger for CTA buying.
As for Elliott waves, we would be starting the 5th wave with a price target of 3.28$/3.55$. That's where there's a confluence of prior relevant highs (breaking above would be very bullish), the 2STD from the YTD AVWAP, and the market maker's short/long flip pivot point
Natural Gas: The Golden OpportunityNatural gas has seen a nice rejection off of 3.19.
A double top on nat gas is observed, does this mean we go lower?
In the near term perhaps some more consolidation is needed but the trend is setting up for the infamous golden cross.
If we get a bullish cross of the 50MA & 200MA this is a likely long term trend signal.
This signals higher probability of a bullish uptrend.
As we approach the elections, a potential trump win could influence the price.
Natural Gas Prices Poised for New 2024 HighsAfter a poor start to the year, Natural Gas prices have surged in the current quarter, largely due to stronger fundamentals. Extending the advance this week, the commodity looks poised to set new 2024 highs (3.397), but it may be early to talk about further gains.
Key drillers have lowered their 2024 output guidance, while demand is expected to accelerate substantially, largely due to Asian industrial use. Adding to the optimistic outlook, the World Bank this week raised its growth forecast for the US and China and India, while the Europe exited its brief recession and the ECB slashed interest rates this month.
On the other hand, supply is expected to expand this year and producers could boost their activity as price rise. European countries have agreed to keep consumption low, while historically warm weather poses another threat to demand optimism. Natural gas is also used for electricity generation though, which can be a tailwind in the summer months.
On the technical front, the RSI has not followed prices higher, in a divergence that can limit the upside and fuel a pullback towards the EMA200 (black line). Daily closes below it would pause the bullish bias, but that would need strong catalyst.
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Past Performance is not an indicator of future results.
NATGAS DAILY DEMAND 2,334 and target the MoonI´m expecting a fall to the 2,334 area (if fundamentals allow the fall) and then up after rejection. Don´t buy exactly at the entry line, it is not a trigger. Wait for a rejection and enter to trade just if rejection is confirmed. TP your trade partially. Wish you good luck.
Natural is fully gassed on FVG playing out right now
hammer candle close NXT
engulfing candle stick pattern depends if wick rejects previous wick
bearish or bullish
back to
p
l
a
N exit point 11.100
holding long
NATGAS - CHANGE OF CHARACTERHello Traders !
The NATGAS price failed to create a new lower low.
Currently, The last lower high (2.543 - 2.592) is broken (change of character)
So, I expect a bullish move📈
----------------
TARGET: 2.728🎯
XNGUSD Long (Buy Limit)Entry : 2.748
TP : 3.068 (320 pts)
SL : 2.668 (80 pts)
RR : 1 : 4
Expire : June 12nd, 2024 17:00 (UTC +7)
Warning : This analysis is not trading advice. Always do your own research and manage your financial risk.
NATGAS - Time for a pullback? There is a high possibility we are going down on the GAS
Technicals
1. We closed on a doji on the weekly
2. We have been pumping strong lately, and the charts are screaming for a pullback
3. We came to a key .618 FIB retracement level
4. I see a zone here which can act as a major resistance.
Trade
Looking for a position for a sell this week!.
Great trading all of you
& remember to always trade with caution and a plan :-)
Greetingz,
Simba Trades
Natural Gas: Wild price action!Is natural gas a buy at these levels?
Nat gas is currently digesting its recent rally.
You have to expect the bulls to make another push higher at some point but with todays reversal the bulls may have to wait a bit longer.
Resource stocks took another hit today but still holding near the highs.
Nat gas is still holding above the daily 200 MA.
Price action is oscillating between the .236 Fib & .382 Fib
We are dropping - again!NATGAS has shown a remarkable recovery since February 2024. This recovery now appears to have come to an end—at least temporarily. From a technical chart perspective, the recent double top indicates a bleak situation, suggesting further declining prices. A bounce is possible at the high of the Value Area, which is the price range between the February 2024 low and the May 2024 high. Those trading NATGAS short should keep an eye on this price range. However, it is likely that prices will continue to fall towards the February lows.
Natgas - rebound phase - shortI want to be honest..
The rally long was a surprise for me, I expected a long phase but without this momentum.
It was really strange because we have a big storage increase more than last year and I expected a long phase but more flat.
so I think now we can have a rebound of price until support area more or less 2$ before the last long (if we will have).
The doubt if we have close or not the wave C ..
In any case I try a short position with small size and small risk.
Stop 2.8$
target 2$
NATURAL GAS - IMPORTANT BREAKOUT 📉Hello Traders !
The Natural Gas price failed to create a new higher high !
The higher low (2.543 - 2.570) is broken (change of character).
So, I predict a bearish move📉.
--------------
TARGET: 2.230🎯
NaturalGas ABC correctionReject from first line of suport or from second line of support. If price go above and take this zone like support than we can see target like 3.3 or 3.6 in a few candels
Natural Gas long ideaNatural Gas looking very interesting. Going to take a small long position.
THIS IS NOT FINANCIAL ADVICE
