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US Natural Gas Had Its Worst Day Since 2018: RSI falls Below 50US natural gas prices posted their worst daily performance since mid-November 2018 today, plummeting 17% to $7.2/MMBtu, as of writing, after Freeport LNG announced early Tuesday morning that it does not expect the export facility to resume full plant operations until late 2022 due to the explosion occurred on June 8. The Freeport LNG facility has a production of 2 billion cubic feet per day, or around 16% of US LNG export capability, and has been operating at near full capacity in recent months. The disruption at one of the largest US liquefied natural gas export terminals will put a severe upward pressure on European gas prices ( Dutch TTF ), which have been falling in recent months as Europe has significantly increased its liquified natural gas imports from the United States. Technically, US natural gas prices are now testing the 2022 bullish trendline, with the momentum indicator (14-day RSI) dropping to 38, the lowest level since the start of the year. A breach below the psychological threshold of $7/MMBtu would open the door for a bearish assault to the nearest support in the 6.50 zone (lows of April 25 and May 10).
CAPITALCOM:NATURALGAS
by Capitalcom
3
NatGas: LowIt hit the floor (it hit the floor) Next thing you know NatGas got low, low, low, low, low, low, low, low Okay, these aren’t exactly the lyrics of Flo Rida’s “Low”, but they are fitting, nonetheless, for we expect NatGas to move further downwards below the support at $7.524. Just before the next support at $6.466, though, NatGas should turn around and head upwards, crossing $7.524 and even the resistance at $9.60. However, there is a 38% chance that NatGas doesn’t listen to Flo Rida’s song. Instead, it could climb directly above the resistance at $9.60 and subsequently rise into the blue zone between $11.298 and $12.116.
NYMEX:NG1!
by MarketIntel
Elliott Wave Analysis: Natural Gas Confirms Temporary TopHello traders and investors, today we will talk about Natural Gas in which we can see sharp and impulsive decline from the highs, which in Elliott wave theory suggests and confirms temporary top in place. From Elliott Wave perspective we can clearly see a completed five-wave bullish cycle within 5th wave at projected 9.0 level. In Elliott waves, after every five waves, we can expect a three-wave A-B-C reversal, so with current five-wave drop from the highs, seems like Natgas is now slowing down within a higher degree (A)-(B)-(C) correction. Well, wave (A) seems to be completed now, so we may now see a three-wave A-B-C corrective rally in wave (B) that can retest 7-8 resistance area and form a nice Head&Shoulders pattern before we will see another sell-off for wave (C). Happy trading! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NYMEX:NG1!
by ew-forecast
3
Natural Gas - NG1! - Short SetupI think oil and natural gas are pretty stretched technically and even though there is a real shortage in certain goods out there, the market will eventually take down the commodity with it. It's tough that they will crash markets massively, so there's a flight to dollars to defeat the ruble going on with a fight on inflation , real or imagined. I don't think it will be long lived, but I do think we get natural gas to pull back temporarily. There's a couple different paths to the head and shoulders pattern playing out. It's been impressive how gas and oil have held up so let's see what Friday brings. I think it will be a bit wild, don't you?
NYMEX:NG1!Short
by worldlyFriend67762
Gas price will skyrocket !!!! Not too late to get in now !Looking at the monthly chart, one can see quite clearly a few things : 1. Bearish trend ended when it breaks out on July 2021 2. It has a long consolidation phase from May 2010 to Jun 2021 - a total of 11 years. Would you be holding for so long ? haha I am bullish on this commodity and will be adding some soon. Please note that commodity trading is volatile so trade with money that you can spare and also make a small % of your total portfolio. The recent Luna crypto plunge has taught many traders the hard lesson with its 99% plunge !!!! When money comes too easy , with 19% interest payable yearly, one wonder if it is a form of Ponzi Scheme or not . Please DYODD and be safe!
NYMEX:NG1!Long
by dchua1969
Natural Gas - Short PlayI think oil and natural gas are pretty stretched technically and even though there is a real shortage in certain goods out there, the market will eventually take down the commodity with it. It's tough that they will crash markets massively, so there's a flight to dollars to defeat the ruble going on with a fight on inflation, real or imagined. I don't think it will be long lived, but I do think we get natural gas to pull back temporarily. There's a couple different paths to the head and shoulders pattern playing out. It's been impressive how gas and oil have held up so let's see what Friday brings. I think it will be a bit wild, don't you?
NYMEX:NG1!Short
by worldlyFriend67762
NatGas: GeyserLike a geyser, NatGas is spouting upwards from the white zone between $6.255 and $6.684. We expect it to have enough drive to reach the resistance at $8.065 soon. There, it should gain some more momentum to make it into the orange zone between $8.559 and $9.241, where wave (5) in white as well as wave iii in orange should end. However, there is a 42% chance that NatGas could rebound off the line at $8.065 and subsequently drop below $6.466. In that case, it should fall into the green zone between $5.687 and $4.939 first before rising back above $6.466 and further toward $8.065.
NYMEX:NG1!Long
by MarketIntel
1
Natural Gas (NATGASUSD): Time to Grow AGAIN?! 💨 This morning with my students we discussed a great buying opportunity on Natural Gas. The market dropped to key daily structure support. On that, the price formed a tiny double bottom formation on 1H time frame. Taking into consideration that the market is trading in a sharp bullish trend, it can be a very nice confirmation to buy the market. Goals: 6.825 7.0 ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
NLong
by VasilyTrader
21