Natural Gas - Strong Buy Signal Long Term
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Dear Traders,
As we can see on higher time :
- Weekly
MACD just crossed into a buy position and it is heading toward positive area
- Daily
We have MA20 crossing MA50 and MA100 and MA50 crossing MA100
As you can expect those bullish cross is well timed with a heat wave we are about 90 CDD above average for +35 GFS long term run, same for ECMWF but with a little less CDD
Yesterday retracement was quick, but I think if this support is not broken, it will continue to support the price until 3,5 - 4,5
What about your thoughts on NG short term and long term ?
#Please trade on your own risk
As we can see on higher time :
- Weekly
MACD just crossed into a buy position and it is heading toward positive area
- Daily
We have MA20 crossing MA50 and MA100 and MA50 crossing MA100
As you can expect those bullish cross is well timed with a heat wave we are about 90 CDD above average for +35 GFS long term run, same for ECMWF but with a little less CDD
Yesterday retracement was quick, but I think if this support is not broken, it will continue to support the price until 3,5 - 4,5
What about your thoughts on NG short term and long term ?
#Please trade on your own risk
Nota
I expect daily MACD not to cross, but reject each other and buy staying on top, as MACD daily just tuned positive during MayNota
On fundamental basis, despite the heat, I past a lot of time of research trying to understand why it was going down despite heat wave, natgasweather found out that traders were ignoring more cooler days overall, celsius noted that HFM were getting rid of their short position expecting a rally on the last update of 20th, friday we will see their new position on Friday but expect even more short than long, as for 20th it was 54% short and 46% long with 75% ratio adding long and adding short position, I believe they will make move before their position is revealed this friday, but well, I am just starting trading NG, what do i know, trade on your own riskNota
Forgot to add weekly MA20 have been crossed on the week of 12th June, so I expect price to target weekly MA50, they will meet between my price target rangeNota
I think gap 4,2 will be filled in the process, traders usually eyes on gap as target very commonNota
I wish to share with you a comment I found on investing forum :''I ask anyone to fact-check this information: This El Nino is expected to be the worst in recorded history. 2016 was the last worst El Nino. NG went up from the low of $1.7 up to $3.65 or $1.95. 2016 storage was 7,554 Bcf and currently storage is at 6521 Bcf. This year’s low is around $2.00, so it may easily go over $4.00, but certainly not over-night. Storage data is June 2016 and June 2023.''
Nota
from mister Bush manNota
I feel like it will cross this multi year resistance
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