Are you keeping a close eye on the natural gas market? If so, you’re in the right place. At Extreme Investor Network, we provide expert analysis and insights into the latest trends and potential opportunities in the stock market. Today, we’re diving into the support levels, inside week formation, and signs of strength for natural gas trading.
Support from 2.50 to 2.55
As the natural gas market continues to fluctuate, we’re seeing potential support levels ranging from 2.58 to 2.51. These levels include a prior interim high, the 20-Day MA, and the 50-Day MA. A drop below this week’s low could signal an even deeper pullback. Understanding these support levels is crucial for making informed trading decisions.
Formed an Inside Week
This week, natural gas has formed an inside week, setting the stage for a potential weekly bullish breakout next week. Keep an eye out for a rise above 2.82 to signal the breakout, or a drop through the low of 2.51 for a deeper retracement. Our analysis suggests an eventual upside breakout, considering the bullish weekly reversal from a retracement low. However, the market will ultimately dictate the direction based on its reaction to price levels.
Signs of Strength Begin Above 2.75
To gauge signs of strength in the natural gas market, look for a rise above 2.75 and daily highs starting from Tuesday. While there have been consecutive days with lower daily highs, a breakout above the weekly high could provide a more convincing bullish signal. This breakout may lead to an upside breakout from a large symmetrical triangle pattern, presenting potential opportunities for traders.
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