Natural Gas Analysis

• 28 December, 2023 Ruchit Thakur

Natural Gas Analysis

Evening Update : Natural Gas is trading at support level on weekly chart, Will it bounce ?

Natural gas is trading around the 200 levels since the last three weeks and making a strong base around the 180-190 zone and it has a higher chance to go up towards 200 DMA again.

• The Natural Gas bounced and got a strong support around 180-190 levels.
• As per the chart we may witness a good up move in coming days as it is at a strong support zone and we also saw bullish hammer on weekly chart.
• 200 DMA on the weekly chart is placed around the 295-300 zone and we can expect Natural Gas to bounce towards this zone once again in the coming weeks.

The Natural Gas showing back to back bullish moves on weekly chart and was largely up this week also and going higher. We have also seen the strength in NG wherever it touched the 180-200 zone.

Please check the above mention chart and we can see Natural Gas is getting ready to move towards the 290-300 zone. 200 DMA is also placed around the same level so we can expect NG to touch this zone once going forward. We can also see two back to back bullish hammer on the weekly chart which suggests buying interest is there in Natural Gas. Whenever Bullish hammer occurs on the bottom of the chart it shows demand in price and it moves higher. Downside 180-190 zone is strong support and "Risk to Reward" ratio is very favorable to go long here at current market price. 

Please check the support and resistance level of Natural Gas on the weekly chart. All levels are in spot chart :