Natural Gas markets closed the week only 1% higher than the week before, at $2.84. Thursday’s US underground stocks increased by 106Bcf and buyers have not come in in numbers. Demand for the week to come remains low as mild weather is expected in the US and Canada. I am not willing to buy any uptrend channel unless we finally see a break above the $3.00 level. This is a crucial resistance area, based on longer term charts and future contracts prices, $3.20 may not even be reached till the end of the year. Therefore, volatility inside this range-bound is what we are looking for, as opportunities to sell rallies will arise in the coming weeks. Momentum at 0.14 and RSI at 58.56 are already signaling that we are in an overbought area. 4-hour MACD still very useful.
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