tradexchart

tradexchart

Crude Oil reversed from its highs of last week near $40.7, almost closing the gap. The chart rallied up to its 50% retracement level ($40.7) of the recent major decline and is now pointing downward. Possible next retracement levels are: 78.6% ($35.39), 61.8% ($31.14), and 50% level at $28.7. MACD is forming a top; RSI is pointing downward. Fundamentals are...

tradexchart

Natural gas demand is rising due to electric power sector demand increase. Total U.S. consumption of natural gas rose by 3.9% compared with the previous report week. Natural gas consumed for power generation climbed by 10.1% week over week. In the residential and commercial sectors, consumption declined by 5.9%. Industrial sector consumption decreased by 0.3% week...

tradexchart

Chart patterns are suggesting a reversal to the upside, possibly targeting $18-$24 levels for UGAZ, as NG prices are expected to go higher into the summer heat and economy reopening by 3rd week of June in NY, NJ, PA. We may have another a couple of days of consolidation with lower prices due to bearish EIA report on Thursday. Expecting over 100 bcf in storage....

tradexchart

NG: Potential bottom is forming at $1.78 level. Natural Gas July futures contracts were trading lower on Tuesday finding support at $1.78. MACD histogram is at the crossing point pointing toward higher prices. Near-term resistance is seen near $1.978, a 38.2% Fib retracement level of the recent move down, with $2.048 being a 50% Fib retracement. RSI is also...

tradexchart

Natural Gas NG July futures contract gapped up to $1.93, but quickly retraced to $1.915 level, which is 50% Fib level of its recent run. Prices are going lower into Thursday EIA report, as SP Global Platt reported decline in demand. Fib levels that may serve as support: $1.195 - 0.5; $1.900 - 0.382; $1.881 - 0.236; $1.85 - 0. Currently stabilizing at $1.90. Both...

tradexchart

NG: Natural Gas futures NG switched to July contract on May 26 at 18 p.m. gapping up to $1.93. Based on 4 Hr chart, resistance of $2.0 has not been reached yet indicating potential to go higher. MACD crossed pointing toward higher prices as well. RSI is at 60, which has been the level that capped the most recent rally at $2.0 (May 18 -22). Chande momentum is...

tradexchart

Natural Gas NG has moved higher in Tuesday trading session. Short-term resistance is seen at $1.8, support at $1.76. UGAZ trading between $15.70 and $17.70, with $16.65 being important level to stay above. NG needs to break through $1.8 to challenge its next resistance level at $2.0. With fundamentals turning bullish, it is a possible target. $UGAZ: next upside...

tradexchart

SPX500 continues its rally in pre-market trading reaching $3009 level. The index is overbought on 4 Hr chart, with Daily chart showing little movement. A pullback may be needed to keep it going higher. We may expect a double top formation on 4 Hr chart before RSI correction into 30 territory. RSI momentum is pointing toward higher prices (near-term). Chande...

tradexchart

Natural Gas June futures contract continues consolidating within a narrow range: $1.68 - $1.76. A potential for a move higher is seen in the near-term. UGAZ: Based on 1 Hr chart pattern and Chande Momentum indicator, an upside move can be expected within May 26 - 27 timeframe; $20 is seen as first upside target, $22-23 level as resistance, while $15.30 is seen as...

tradexchart

Potential bottoming patterns are seen on multiple time frames of natural gas contracts. June Natural Gas contract and Chande Momentum charts show higher lows. NG: However, NG June contract chart is pointing lower due to fundamental factors - economic shutdown and overall reduced demand. If prices hold support at $1.70 on Friday into closing, that would be an...

tradexchart Updated 

Natural gas futures contracts NG finished the day lower after EIA inventory report showed a less than expected build of 81 bcf vs 98 bcf predicted. Regardless of a substantially lower build, NG prices dropped 3.3% on Thursday. Short-term momentum turned negative, while medium term momentum is neutral pointing toward consolidation and possibly lower prices. The...

tradexchart

Natural Gas July futures NG gapped up on the open from $1.63 to $1.75, but then dropped to $1.71. 2 Hr MACD chart crossed forming some sort of consolidation zone. NG is trading higher July contracts. The fundamentals remain bearish: oversupplied condition vs. low demand. For the next two weeks, the weather is not expected to be hot enough to generate substantial...

tradexchart Updated 

NG: Natural Gas June futures rallied on Thursday into EIA report, which showed in-line storage build of $103 bcf. Natural gas stocks were 799 bcf higher than this time last year. The fundamentals remain on the bearish side with low consumption and warming weather. However, the economy is reopening, which is a bullish factor. NG chart dipped after reaching nearest...

tradexchart

Natural gas futures contracts NG has drifted lower on Wednesday reaching $1.6 with corresponding UGAZ price at $15.27. The NG chart moved a little higher from there trying to establish a bottom. Should we not hold $1.6 level, the next possible level of support is $1.5. In that case, UGAZ may go lower toward $13 handle. Near-term resistance is seen at $1.8 and...

tradexchart Updated 

Natural gas futures contracts moved lower this week on low demand due to ongoing COVID lockdowns and warming weather. Support seen earlier at $1.72, has been broken. Next possible levels of support are $1.6 and $1.5. Another triple digit injection of around 104 bcf is expected on Thursday (EIA report). Supply-Demand deficit is expected to narrow: April -6.64...

tradexchart Updated 

Apple is trading at 124 times ($316/$2.55) its earnings on May 11th , when it's PE ratio was only 66 back in January ($328/$4.99). The stock rallied up to $316, which is close to it's all-time high of $328 reached in March 2020 on Q4 2019 earnings of $4.99 per share. Q1 2020 earnings came in at $2.55 per share. This included only losses occurred in second half of...