Natural gas update Jan 15

15 janv. 2021

Ng has been doing some weird stuff these last few weeks. It feels like there’s a battle on this hopium of polar vortex. Regardless, despite breaking well above the previous lower high, Even sky rocketing to the 2.80+, it did not close there and fell back... testing 2.70 area multiple i.e. the resistance of the previous lower high. As well as finding support in the 2.60s area... as with everything something has to give. A break and close above 2.75 this week increases the probability that we will see 3.00 and should face selling pressure there. Rsi don’t have much room for that to keep going on the daily. For a bearish case the last few trading days (I outline this with two lines showing a channel) it’s been drifting lower with a rising rsi setting up for a possible steeper drop if it does choose to drop here. Might be a sign for a bear thesis than a bullish thesis. I think if u were to think fundamental winter almost over but if a polar vortex happens then bulls prolly banking on an extended winter into spring which is high decrease storage numbers even further.