NG: UNG: BOIL: Natural Gas Looking for Support
NG: Natural gas NG contract may find its support at $2.6 level before moving higher into January contract. Prices dropped on warmer weather forecast Nov 18 -Dec 2. From technical perspective, NG is approaching oversold condition on 4 Hr chart. Lower prices are still possible due to bearish EIA report on Nov 19, as built is expected on the backdrop of low demand through November 20. However, roll into January contract Nov 22 - 25 may provide support for this transition into colder temperatures starting first week of December. Should NG start rolling into January as early as November 19, the dip may not be a slow as expected due to warm weather.
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.