Natural Gas - Short term levels of supply and Demand to watch next week.
Supply and Demand:
2.923 is a level to watch closely on Monday. Last week we broke through a daily trendline at that level and price ran over 71 points in less than a minute.
Just below that level there is Thursday point of control at 2.912, this is where the most volume came in before the strong move.
If the demand zone doesn't hold 2.886 is the next level where some reaction could be expected.
Additional readings:
In terms of Fibonacci retracement the demand zone is sitting right on top of the 0.886XA retracement approaching an oversold reading on the Relative Strength Index.
Ending the weekend in an overextended fashion with price below the lower Bollinger Band.
I will be updating this chart next week in the comments section.
Supply and Demand:
2.923 is a level to watch closely on Monday. Last week we broke through a daily trendline at that level and price ran over 71 points in less than a minute.
Just below that level there is Thursday point of control at 2.912, this is where the most volume came in before the strong move.
If the demand zone doesn't hold 2.886 is the next level where some reaction could be expected.
Additional readings:
In terms of Fibonacci retracement the demand zone is sitting right on top of the 0.886XA retracement approaching an oversold reading on the Relative Strength Index.
Ending the weekend in an overextended fashion with price below the lower Bollinger Band.
I will be updating this chart next week in the comments section.
Market opened with a GAP down, obliterating the first zone of demand and breaking the intraday trendline.
2.886 is holding price at the moment