Natural Gas market on the Nymex had a bullish week closing 2.68% higher than the previous one, at $2.93. Thursday’s storage report, however, pressed the price a little bit lower on 46 Bcf build.
This two weeks rally was welcome as we are set to sell it, on the upper bound we are already in, on this range-bound price between $2.60 and $2.90. Anything up to $3.10 will offer the resistance needed, time and time again, looking for the 2% gaps. Appropriate stops will set us also for short-term buying. Trading volumes remain high for this time of the season so we might see another week of buying before testing resistance and selling at first sign of weakness.
Some major news regarding the longer-term sentiment about U.S. LNG exports to China and the E.U. are expected later this month, which will affect future projects and current production. Milder weather will also affect demand but not before the end of summer.
Daily, 4Hour, 15 min MACD and RSI always useful for the timing of entry.
