Natural Gas Intraday: look for a drop towards 2.0500 before a bounce
May 8, 2024 15:32
Natural Gas (NATGAS)
0.069+2.52%
look for a drop towards 2.0500 before a bounce.
Our pivot point stands at 2.0500.
Our preference: look for a drop towards 2.0500 before a bounce.
Alternative scenario: below 2.0500, expect 2.0000 and 1.9400.
Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Natural Gas (NYMEX) (JUN4) is trading under its 20 period moving average (2.2280) but above its 50 period moving average (2.2180).
Supports and resistances:
2.4400 **
2.3900 *
2.3000 **
2.2600
2.2250 last
2.1000
2.0500 **
2.0000 *
1.9400 **
Our preference: look for a drop towards 2.0500 before a bounce.
Alternative scenario: below 2.0500, expect 2.0000 and 1.9400.
Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Natural Gas (NYMEX) (JUN4) is trading under its 20 period moving average (2.2280) but above its 50 period moving average (2.2180).
Supports and resistances:
2.4400 **
2.3900 *
2.3000 **
2.2600
2.2250 last
2.1000
2.0500 **
2.0000 *
1.9400 **
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