Get started
p4917

Up & Down in Natural Gas - H&S

Natural Gas Futures (NYMEX:NG1!)  
p4917 Updated   
NYMEX:NG1!   Natural Gas Futures
Economic Cycles Seasonality Head and Shoulders gasdemand gasshortage headandshouldersformation head_and_shoulder chartpatternstrading bearishchartpattern shorttermshort seasonalhigh seasonality-trading
8
0
economiccycle seasonality headandshoulders gasdemand gasshortage headandshouldersformation head_and_shoulder chartpatternstrading bearishchartpattern shorttermshort seasonalhigh seasonality-trading
As you can see here. I'm awaiting shortterm a further bearish movement. Perhaps touching the 200's SMA. After this I expect a sharp rise in gas going into the seasonal peak time for natural gas.
Comment:
So take a look on the weekly chart here:

snapshot

I originally though that we reach the 50's SMA on the weekly timeframe which would call for prices as low as 6.207 USD but this doesn't have to be the case. If we remain in this area during the current week it is very likely that the low is already in and we're going to see a bullish move beginning in next week.
Comment:
Okay, seems like we need to test the 50's SMA on the weekly timeframe (currently sitting at 6.204 USD) first before prices can move higher.

snapshot
Comment:
Just another thing to ponder on:

If you compare the prices of the different future contracts you'll notice that the price for the January contract is the highest. Seems like the market expect the price peak exactly then ....

snapshot
Comment:
Looks like an inverse SHS on the daily time frame. Let's see how the next days unfold ...

snapshot
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.