Natural Gas

Natural Gas

29 November 2017, 09:06
Dragan Drenjanin

Natural Gas, continuation (F8), NewYork : Indecision reigns
Date of analysis 29 November 17

Opinion Short Term Negative
Resistance 1 3.38USD
Support 1 2.73USD
Opinion Mid Term Bullish
Support 2 2.51USD
Resistance 2 3.49USD

Below 3.49 USD the Natural Gas, continuation (F8), NewYork is evolving toward 2.73 USD over the short term. The clearing of 3.49 USD would invalidate this opinion and open the door for 3.6 USD.

The MACD is positive but lower than its signal line. The dynamic in progress has been interrupted. If the MACD were to turn negative, the price correction could continue. Powerful indicators like the RSI, are not giving us any particular indications in the short term. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

The commodity is positioned to the upside. It is above its 50-day moving average. The position of the 20-day moving average (higher than the 50-day moving average) means that this commodity is reliable in the medium term. The first buy levels are on the supports situated at 2.73 USD, then at 2.51 USD; only the resistances, placed at 3.38 USD, then at 3.49 USD, could contain the prices.
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