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11/01/20 2:29 PM
NY Natural Gas Futures closed today at 3354 and is trading up about 53% for the year from last year's settlement of 2189. Factually, 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 3396 while it has not broken last mont's low so far of 1795. Nevertheless, this market is still trading above last month's high of 2928.
The NY Natural Gas Futures has continued to make new historical highs over the course of the rally from 2019 moving into 2020. Clearly, 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 3336 and overhead resistance forming above at 3359. 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. So far, this week is trading within last week's range of 3396 to 3151. Nevertheless, the market is still trading upward more toward resistance than support. 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 26th reaching 3396 has exceeded the previous high of 2162 made back during the week of May 4th. Right now, the market is above momentum on our weekly models hinting this is still bullish for now as well as trend, long-term trend, and cyclical strength. Looking at this from a wider perspective, this market has been trading up for the past 30 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.
The market is trading substantially some 14% percent above the last high 2928 from which we did originally obtain one sell signal from that event established during September. Long-Term critical support still underlies this market at 2028 and only a break of that level on a monthly closing basis would warn of a break of the current uptrend. At this time, the market is holding and is trading above last month's high as well.
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