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Natural Gas Prices Technical Analysis - Natural Gas Prices Trading: 2023-06-16
Natural Gas Technical Analysis Summary
Above 2,63
Buy Stop
Below 2,02
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Natural Gas Chart Analysis
Natural Gas Technical Analysis
On the daily timeframe, NATGAS: D1 has approached the upper boundary of a long-term descending triangle. It should break above it before opening a position. Several technical analysis indicators have generated signals for further upward movement. We do not exclude a bullish movement if NATGAS: D1 rises above the last maximum and the upper Bollinger Band line: 2.63. This level can be used as an entry point. The initial risk limit can be set below the Parabolic signal, the last two fractal lows, the lower Bollinger Band line, and the August 2020 minimum: 2.02. After opening a pending order, the stop should be adjusted along with the Bollinger Band and Parabolic signals to the next fractal low. This way, we improve the potential profit/loss ratio in our favor. The most cautious traders can switch to the four-hour chart after executing the trade and set a trailing stop, moving it in the direction of the movement. If the price surpasses the stop level (2.02) without activating the order (2.63), it is recommended to cancel the order. Internal changes are occurring in the market that were not accounted for.
Fundamental Analysis of Commodities - Natural Gas
The supply of natural gas may decrease in the world market. Will NATGAS quotes continue to rise?
There have been reports of a possible cessation of natural gas production at the Groningen field in the Netherlands starting from October 1, 2023. Natural gas prices in Europe on the ICE Dutch TTF market increased by nearly 25% on June 15. At the day's peak, prices reached approximately $550 per 1,000 cubic meters. It is worth noting that at the beginning of June, European gas prices were $260 per 1,000 cubic meters. The authorities in the Netherlands attribute the closure of the Groningen gas field to the increased frequency of earthquakes. However, in theory, there could also be a reduction in reserves as gas extraction has been active there since 1963. Additionally, according to the US Energy Information Administration (EIA), the increase in US natural gas inventories (Natural Gas Storage Change) of +84 billion cubic feet for the week was lower than expected (+96 billion cubic feet). According to Baker Hughes, the number of natural gas drilling rigs in the US decreased to a 15-month low last week, reaching a total of 135 rigs.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
