Natural Gas

Natural Gas

1 December 2017, 10:42
Dragan Drenjanin
0
18

Natural Gas, continuation (F8), NewYork : A consolidation towards the supports is likely
Date of analysis 01 December 17



INDICATOR
Opinion Short Term Neutral
Resistance 1 3.57USD
Support 1 2.78USD
Opinion Mid Term Bullish
Support 2 2.68USD
Resistance 2 3.77USD

STRATEGY
As long as 3.77 USD continues to be a resistance, the movement may join 2.78 USD over the short term. The surpassing of 3.77 USD would invalidate this opinion and open the door for 3.87 USD.

SUMMARY
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. The RSI value is less than 50: this confirms the weakness of prices. 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.

MOVEMENTS AND LEVELS
After a recent high at 3.21 USD the commodity corrected towards the 50-day moving average 2.99: the price reaction on this level allows us to envisage a continuation of this movement in the medium term. The first buy points (or short-term supports) are at 2.78 USD and 2.68 USD. The resistances are at 3.57 USD and 3.77 USD.

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