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NY Natural Gas Futures (NG) - Pressing Higher

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DiscoverGold   Sunday, 10/18/20 09:41:26 AM
Re: DiscoverGold post# 4929
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NY Natural Gas Futures (NG) - Pressing Higher »» Weekly Summary Analysis
By: Marty Armstrong | October 17, 2020

Quote:
NY Natural Gas Futures closed today at 2773 and is trading up about 26% for the year from last year's settlement of 2189. At present, this market has been rising for 3 months going into October reflecting that this has been only still a bullish reactionary trend. As we stand right now, this market has made a new high exceeding the previous month's high reaching thus far 2955 while it has not broken last mont's low so far of 1795. Nevertheless, this market is still trading above last month's close of 2527.

The NY Natural Gas Futures has continued to make new historical highs over the course of the rally from 2019 moving into 2020. 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 bullish currently with underlying support beginning at 2751 and overhead resistance forming above at 2884. 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 October 12th at 2955, which was up 16 weeks from the low made back during the week of June 22nd. So far, this week is trading within last week's range of 2955 to 2610. Nevertheless, the market is still trading downward more toward support than resistance. A closing beneath last week's low would be a technical signal for a correction to retest support.

The broader perspective, this current rally into the week of October 12th reaching 2955 has exceeded the previous high of 2743 made back during the week of August 24th. Right now, the market is neutral on our weekly Momentum Models warning we have overhead resistance forming and support in the general vacinity of 1795. Additional support is to be found at 2415. Looking at this from a wider perspective, this market has been trading up for the past 16 weeks overall.

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 below that high of September which was 2928 by more than 5 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. Nevertheless, at this time, the market is still holding and is trading above last month's high.



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