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NY Natural Gas Futures (NG) - New Pattern

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DiscoverGold Member Level  Sunday, 11/15/20 09:57:36 PM
Re: DiscoverGold post# 4968
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NY Natural Gas Futures (NG) - New Pattern Forming »» Weekly Summary Analysis
By: Marty Armstrong | November 14, 2020

Quote:
NY Natural Gas Futures closed today at 2995 and is trading up about 36% for the year from last year's settlement of 2189. As of now, this market has been rising for 4 months going into November suggesting that this has been a bull market trend on the monthly time level which has been confirmed by electing all of our model's long-term Bullish Reversals from the key low.

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.

The perspective using the indicating ranges on the Daily level in the NY Natural Gas Futures, this market remains neutral with resistance standing at 3012 and support forming below at 2955. The market is trading closer to the resistance level at this time.

On the weekly level, the last important high was established the week of October 26th at 3396, which was up 18 weeks from the low made back during the week of June 22nd. This was a key week for at least a temporary high. We have seen the market drop sharply for the past week penetrating the previous week's low and yet it recovered to close above the previous week's close of 2888. We are still trading neutral on the Weekly Momentum Indicators and this is a warning that initial support has been breached. This strongly implies we should pay close attention now to the Weekly Bearish Reversals. If we begin to elect Weekly Bearish Reversals, then we are dealing with a more sustainable near-term correction.

Interestingly, the NY Natural Gas Futures has been in a bullish phase for the past 4 months since the low established back in June.

Critical support still underlies this market at 16104 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Nevertheless, the market is trading below last month's low warning of weakness at this time.



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