Natural Gas market on the Nymex fell significantly during the week, closing 3.40% lower than the week before at $2.76. Trading volumes also fell as we move closer to August where volumes are traditionally shallow. The Dollar fell also against major currencies and some fundamental news about trade wars and disruption of a pipeline project in Alaska affected the market. Of course price broke down from previous support levels but we don’t feel we are looking at a longer term bearish sentiment yet. This will look very probable if price doesn’t reach $3.10 until the end of summer. For the time being, consumption will remain high enough on warm weather in Canada and the Lower 48, at least for another month and storage reports might not show a large raise in underground stocks. We will not buy this market for the longer term, we are looking for price to bounce back maybe at $2.85 or $2.90 and sell the same rallies once again at any sign of exhaustion. 4hour MACD always very useful to us. RSI already looking oversold on the daily chart.
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