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Hi, Is NG related to USD? change in USD is also effecting the NG price and hence the fight to upside. I think NG still has room to bottom , means DXY to 96 plus level
I see no direct correlation with USD. Natgas has its own supply/demand balance. Of course long term USD strength would be bad for all commodities but looking at charts no one-to-one correlation.
Especially today Dollar broke out of consolidation and hit all commodities. I still feel Dollar has more upside towards 96 + level and will stay away from NG till then.
Regarding NatGas, it seems to me that your middle line in Blue downward channel is broken today (2/26), since the low was 2.689. Do you see the new target for NatGas to be the bottom blue band? Thanks for your charts, btw. They are really awesome.
Significant incident of today was the break down of the orange bear flag. The blue mid channel support broke down too but I wasn't expecting that one to hold anyway as it was broken several times already. Target is 2.4 which should be a slow and painful descent for everyone.
do you agree that Longer term support is @ 2.589 low which is just above 2.567-2.575 weekly chart support I could be wrong but bull will be dead if we have a close below 2.57 any comments are greatly appreciated...NG is volatile commodity to trade naturally but hope 2.57 was the low. what a brutal day
As I wrote above 2.57 will probably not be the ultimate bottom. Expect one more lower low towards 2.4 and the prices action supports it. I will definitely be a buyer at those levels.
Hi,
ReplyDeleteIs NG related to USD? change in USD is also effecting the NG price and hence the fight to upside. I think NG still has room to bottom , means DXY to 96 plus level
thx
I see no direct correlation with USD. Natgas has its own supply/demand balance. Of course long term USD strength would be bad for all commodities but looking at charts no one-to-one correlation.
ReplyDeleteEspecially today Dollar broke out of consolidation and hit all commodities.
ReplyDeleteI still feel Dollar has more upside towards 96 + level and will stay away from NG till then.
thx
Hi Bouraq,
ReplyDeleteRegarding NatGas, it seems to me that your middle line in Blue downward channel is broken today (2/26), since the low was 2.689. Do you see the new target for NatGas to be the bottom blue band? Thanks for your charts, btw. They are really awesome.
Significant incident of today was the break down of the orange bear flag. The blue mid channel support broke down too but I wasn't expecting that one to hold anyway as it was broken several times already. Target is 2.4 which should be a slow and painful descent for everyone.
ReplyDeletedo you agree that Longer term support is @ 2.589 low which is just above 2.567-2.575 weekly chart support I could be wrong but bull will be dead if we have a close below 2.57 any comments are greatly appreciated...NG is volatile commodity to trade naturally but hope 2.57 was the low. what a brutal day
ReplyDeleteAs I wrote above 2.57 will probably not be the ultimate bottom. Expect one more lower low towards 2.4 and the prices action supports it. I will definitely be a buyer at those levels.
ReplyDelete