Natural Gas Mini Futures Swing Trade Outlook
I have NG currently in a downtrend. With expectations that it will continue dropping over the near term. Daily chart observations:
50-day moving average recently dropped below the 200-day moving average.
MACD is illustrating downward movement.
RSI is trending down
Woodies CCI still shows upward momentum, but also that the upward momentum is weakening
Stochastic has dropped below the lower boundary (20), illustrating oversold level
The Awesome Oscillator also shows upward momentum weakening
Spring/Summer weather typically brings lower nat gas prices. Over the next few months I'm looking for the price to move towards the 0.618 Fibonacci retracement level with the price around 2.516.
50-day moving average recently dropped below the 200-day moving average.
MACD is illustrating downward movement.
RSI is trending down
Woodies CCI still shows upward momentum, but also that the upward momentum is weakening
Stochastic has dropped below the lower boundary (20), illustrating oversold level
The Awesome Oscillator also shows upward momentum weakening
Spring/Summer weather typically brings lower nat gas prices. Over the next few months I'm looking for the price to move towards the 0.618 Fibonacci retracement level with the price around 2.516.