Natural Gas Intraday: the RSI is oversold
Natural Gas (NATGAS)
+0.006+0.20%
the downside prevails as long as 3 is resistance.
Our pivot point is at 3.0000.
Our preference: the downside prevails as long as 3 is resistance.
Alternative scenario: the upside breakout of 3, would call for 3.1200 and 3.1900.
Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Natural Gas (NYMEX) (SEP5) stands below its 20 and 50 period moving average (respectively at 2.9600 and 3.0250).
Supports and resistances:
3.1900 **
3.1200 *
3.0000 **
2.9600
2.9070 last
2.7700
2.6900 **
2.6200 *
2.5500 **
Our preference: the downside prevails as long as 3 is resistance.
Alternative scenario: the upside breakout of 3, would call for 3.1200 and 3.1900.
Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Natural Gas (NYMEX) (SEP5) stands below its 20 and 50 period moving average (respectively at 2.9600 and 3.0250).
Supports and resistances:
3.1900 **
3.1200 *
3.0000 **
2.9600
2.9070 last
2.7700
2.6900 **
2.6200 *
2.5500 **
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