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NY Natural Gas Futures (NG) - New Pattern

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DiscoverGold Member Level  Sunday, 10/04/20 10:20:33 AM
Re: DiscoverGold post# 4911
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NY Natural Gas Futures (NG) - New Pattern Forming »» Weekly Summary Analysis
By: Marty Armstrong | October 3, 2020

Quote:
NY Natural Gas Futures closed today at 2438 and is trading up about 11% for the year from last year's settlement of 2189. Presently, this market has been rising for 3 months going into October reflecting that this has been only still a bullish reactionary trend.

The NY Natural Gas Futures has continued to make new historical highs over the course of the rally from 2019 moving into 2020. Prominently, we have not elected any Bullish Reversals to date.

Looking at the indicating ranges on the Daily level in the NY Natural Gas Futures, this market remains moderately bearish position at this time with the overhead resistance beginning at 2490 and support forming below at 2389. The market is trading closer to the support level at this time.

On the weekly level, the last important high was established the week of September 21st at 2928, which was up 13 weeks from the low made back during the week of June 22nd. We have been generally trading down to sideways for the past week, which has been a significant move of .1895% in a stark panic type decline.

The broader perspective, this current rally into the week of September 21st has exceeded the previous high of 2162 made back during the week of May 4th. This immediate decline has thus far held the previous low formed at 1517 made the week of June 22nd. Only a break of that low would signal a technical reversal of fortune and of course we must watch the Bearish Reversals. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 2246. Additional support is to be found at 2280. From a pointed viewpoint, this market has been trading down for the past week.

Interestingly, the NY Natural Gas Futures has been in a bullish phase for the past 3 months since the low established back in June.

This market is trading well beneath that high of September which was 2928 by more than 10 percent. Critical support still underlies this market at 2028 and a break of that level on a monthly closing basis would warn of a further decline ahead becomes possible.



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