Natural Gas Looks To Be Bottoming

Natural Gas Looks To Be Bottoming
Natural Gas Looks To Be Bottoming

Natural Gas Futures—Natural gas futures in the May contract is currently trading higher by 1 point at 2.71 still hovering near major support at the 2.60 level as snowy conditions have entered several Midwestern states once again helping support prices in the short term.

If you take a look at the daily chart prices have been trading between 2.60 / 2.90 over the last 6 months as this has been stuck in a very long tight consolidation pattern and I still do believe the breakout will be to the upside.

If you take a look at the daily chart we continue experiencing higher lows as that is a bullish technical indicator so look to play this to the upside as the chart structure will start to improve in the next week’s trade therefor the risk/reward would be in your favor at that time.

Volatility in natural gas remains very low, however once we enter the summer months that situation could change very quickly coupled with the fact if China and the United States agree on trade that would be very bullish towards gas as they have stated in the past that would be one of the major commodities that would be purchased.

TREND: LOWER—MIXED

CHART STRUCTURE: IMPROVING

VOLATILITY: LOW

 

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