Natural Gas Looks Ready For A Breakout Move
Satendra Singh | May 20, 2020 06:07AM ET
I find that the current position of Natural Gas futures in a daily chart is well above the Ichimoku clouds; making it strong enough to move towards higher levels. There is a strong presence of bulls while the Natural Gas futures started this week, well above the inverted hammer, which was formed on last Friday. I find that now the Natural Gas futures may try to hit the immediate target at $2.178 before moving in a range-bound manner amid growing volatility during this week.
Finally, I conclude that a breakout up to the level of $2.888 will be the next target for the bulls that they could achieve during June 2020. I find that the reopening efforts will result in a sudden increase in domestic demand shortly.
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