Natural Gas Bears Look To Retreat On Shifting Weather Outlook
Satendra Singh | Apr 17, 2018 05:57AM ET
Since the submission of my last analysis, on analysis of the movement of Natural Gas futures on April 17th, 2918 at 05:40:00, I find that the bulls look ready again after taking a short breather and look full of renewed energy at the level of $2.710 to take vengeance from the infiltrating bears who dared to hit them. Now, the weather outlook seems to be supportive for bulls as an unusual weather pattern for early April is helping to bolster heating demand relative to historical averages. The latest National Weather Service forecast calls for below-average temperatures encompassing the fringes of the West and nearly the entire eastern two-thirds of the U.S. in the 6-10 day period. On analysis of the movement of Natural Gas futures in the same chart which I noted in my last analysis, I find that the natural gas bulls now enforce the exhausted bears out of their territory. A sustainable move above $2.767 will confirm the beginning of bullish move towards a voyage up to $2.806 with second target at $3 and above levels. On the other hand a strict vigil needs to be maintained at $2.688 level amid this massive fight.
My inclination senses a beginning of bungee jumps after a sustainable above the $ 2.717 levels.
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