Natural Gas entered oversold area on the weekly chart yesterday. Historically, it doesn't happen often but, when it does, an eventual bounce always follows. HNU, which tracks, currency.com Natural Gas futures, has completed a bullish MACD cross despite recent drop. Nat Gas MACD, likewise, is showing a bullish divergence vs price.
Note
"Most dry gas wells will need prices between $2.70 and $3.20 to be profitable" enerdynamics.com/Energy-Insider_Blog/Are-Natural-Gas-Prices-Below-3-Sustainable.aspxChesapeake CEO Urges Slowdown in Natural Gas Output After Price Plunge bloomberg.com/news/articles/2023-01-18/chesapeake-boss-urges-slowdown-in-gas-output-after-price-plunge
Freeport LNG Files For Restart, Awaits Regulatory Response
oilprice.com/Latest-Energy-News/World-News/Freeport-LNG-Files-For-Restart-Awaits-Regulatory-Response.html
I am still bullish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.