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12/19/20 6:18 PM
NY Natural Gas Futures closed today at 2700 and is trading up about 23% for the year from last year's settlement of 2189. Currently, this market has been declining for 2 months. This price action here in December is warning that we may have at least a temporary high in place beginning perhaps a bearish reactionary move on the monthly level if we see lower prices next month or close lower. Otherwise, there remains the potential for a one-month Knee-Jerk reaction low. As we stand right now, this market has made a new low breaking under the previous month's low dropping to 2368 intraday yet it is trading at least below last month's close of 2882.
Up to now, we still have only a 1 month reaction decline from the high established during October. We must exceed the 3 month mark in order to imply a trend is developing.
The NY Natural Gas Futures has continued to make new historical highs over the course of the rally from 2019 moving into 2020. Distinctly, we have not elected any Bullish Reversals to date.
Focusing on our perspective using the indicating ranges on the Daily level in the NY Natural Gas Futures, this market remains neutral with resistance standing at 2740 and support forming below at 2675. 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 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 been generally trading up for the past week from the low of the week of December 7th, which has been a move of .1353%.
Interestingly, the South Africa BMK 5 Yr Index has been in a bullish phase for the past 15 months since the low established back in September 2018.
This market is trading well beneath that high of October which was 3396 by more than 10 percent. Critical support still underlies this market at 2186 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 weak trading beneath last month's low.
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