empty
 
 

2017.04.2006:04:00UTC+00Natural Gas Short Term Outlook

  • Natural Gas has shown a huge decline after making a high 3.342 on Apr 5th 2017.The commodity retreated after the forecasts of more mild spring like temperatures. It has declined till 3.110 on Apr 18th and slightly recovered from that level.
     
  • On the supply front U.S natural gas production remains below 70 Bcf/d due to maintenance and is expected to rebound back to 70.7 Bcf/d within three weeks. Mexican gas exports are averaging at 2.6 Bcf/d down from 4.2 Bcf/d .
     
  • Technically ,the near term support is around 3.10 (55- day EMA) and any break below will drag the commodity down till 3.0255 (55- day EMA)/2.98 (Mar 23rd 2017 low).
     
  • On the higher side , minor resistance is around 3.25 (61.8% retracement of  3.342 and 3.110) and any break above targets 3.340/3.48/3.51.It should  break above 3.51 for further bullishness.

    It is good to sell on rallies around 3.25 with SL around 3.350 for the TP of 3.02/2.98.   

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback