XNGUSD. A possible upside rebound in the short term
Fundamental 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.
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.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.