NATGAS - price bounce from monthly support
The US Natural Gas is now trading at a monthly low. From a technical perspective, price is now trading in the accumulation zone, MA's about to cross we expect the next push to the upside.
Price is growing with increasing volume, now retraced to the previous resistance now acting as support. Therefore we will long the commodity at the price of $1.89 per cubic feet.
The first target is the downwards trendline, at price $2.10. From there a retest of the low might happen. Our longer-term view on NATGAS is still bullish.
The past 5 weeks of Natural Gas Storage showed less than forecast, an increase in demand is signaled.
Traders if you follow this idea, we recommend entering with prudence and proper risk management according to your strategy.
Know your trading conditions for this asset. Spreads and lot sizes are high, do the research first.
Price is growing with increasing volume, now retraced to the previous resistance now acting as support. Therefore we will long the commodity at the price of $1.89 per cubic feet.
The first target is the downwards trendline, at price $2.10. From there a retest of the low might happen. Our longer-term view on NATGAS is still bullish.
The past 5 weeks of Natural Gas Storage showed less than forecast, an increase in demand is signaled.
Traders if you follow this idea, we recommend entering with prudence and proper risk management according to your strategy.
Know your trading conditions for this asset. Spreads and lot sizes are high, do the research first.
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ST Zone below 1.79 taken out, now we need to see the correction towards our target