Natural Gas (NG) Reclaims Key 2.5 Level Ahead of Storage

Articles From: Tradable Patterns
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CFA, Founder

Tradable Patterns

Natural Gas (NG) Reclaims Key 2.5 Level Ahead of Storage

Natural Gas (NG) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and the February low following Thursday’s highly anticipated weekly storage data.  Any break above downtrend resistance (on the 4hr chart) post-storage would dramatically increase the likelihood of a retest of the psychologically key 3 whole figure level in the week after.  Nevertheless, NG remains for now at moderate risk of retesting the February low before the weekend.  Monitor as usual the escalation in the Ukraine-Russia conflict.  Congratulations to Premium Members who benefited from the opportunities highlighted Jan 19, 2022, Jan 27, 2021 and April 14, 2021.  Except for the weekly MACD which is still sloping down, the weekly and daily RSI, Stochastics and MACD are bottomish.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  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 for analysis on WTI CRUDE, GBPAUD

Source: Interactive Brokers TWS

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