NG: Natural Gas retracing into Fib levels, looking for support
Natural Gas NG July futures contract gapped up to $1.93, but quickly retraced to $1.915 level, which is 50% Fib level of its recent run. Prices are going lower into Thursday EIA report, as SP Global Platt reported decline in demand.
Fib levels that may serve as support: $1.195 - 0.5; $1.900 - 0.382; $1.881 - 0.236; $1.85 - 0. Currently stabilizing at $1.90.
Both MACD and RSI charts are pointing toward lower prices. Investors seem to be sensitive to low demand.
We have a gap underneath at $1.76 level and major support at $1.70. Deep retracement into those levels is unlikely at this time.
Fib levels that may serve as support: $1.195 - 0.5; $1.900 - 0.382; $1.881 - 0.236; $1.85 - 0. Currently stabilizing at $1.90.
Both MACD and RSI charts are pointing toward lower prices. Investors seem to be sensitive to low demand.
We have a gap underneath at $1.76 level and major support at $1.70. Deep retracement into those levels is unlikely at this time.
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