Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[DiscoverGold]

Natural Gas Fall to Kickoff Week
By: Christopher Lewis | June 21, 2021

• The natural gas markets have fallen a bit during the trading session on Monday to kick off the week, showing signs of exhaustion.

Natural gas markets have fallen a bit during the course of the trading session on Monday as we continue to see gravity come back into the picture. The commodity market boom continues in general, but that is only a bit of a sideline to the real fundamentals of this market, as it may have gotten a bit of a boost due to the fact that people are simply looking to buy anything commodity related. However, the natural gas markets will continue to be a bit noisy in general, but we also have a significant amount of support underneath.

Natural gas as a major oversupply in general, but all things being equal, the market is likely to continue to respect the $3.40 level, as it has been major resistance previously, and it is worth noting that we had a rather negative candlestick form when we did get close to it. All things been equal, I think that the market probably continues to see a lot of sellers in that area, perhaps showing a bit of hesitation.

Ultimately, this is a market that I believe has a possible break down just waiting to happen, with the $3.00 level being an obvious support level, right along with the 50 day EMA. Underneath that level would open up the possibility of a move down to the $2.80 level, which is the top of the gap that had been broken to the upside. The 200 day EMA is sitting in that area, so it does make quite a bit of sense that it would offer a bit of a “floor.”

Read Full Story »»»

DiscoverGold