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Natural Gas (NG) Consolidating Near 2021 High Ahead of Storage

Natural Gas (NG) Consolidating Near 2021 High Ahead of Storage

Posted June 2, 2021
Darren Chu
Tradable Patterns

Natural Gas (NG) Consolidating Near 2021 High Ahead of Storage

Natural Gas (NG) is consolidating yesterday’s strong gains, hesitating ahead of Thursday’s highly anticipated weekly storage data release.  Significantly, NG has been trying to extend this past week, the steeper upchannel that began April (on the weekly chart) which sits within the same chart’s broader upchannel that began November.  Odds favour the bulls following storage, with NG appearing to be gravitating towards the 2021 high (formed a bit more than 2 weeks ago) and weekly chart upchannel resistance.  Nevertheless, with volatility expected to spike post-storage, bulls are best prepared for a moderate probability of a brief retest of the psychologically key 3 whole figure level by early next week.  Congratulations to Premium Members who benefited from the opportunities highlighted Aug 3rd, Jan 27th and Apr 14th.  The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains.  I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of Silver, Cocoa

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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