U.S. NATURAL GAS - BEARISH DIVERGENCE DETECTED🕵🏻♂️
The Natural gas has been trading bullish for 7 days in a row since last Wednesday, reaching the 3.6000 resistance level. Primarily this happened due to a warm weather in the U.S. states, that supports the demand on gas. Despite warmer-than-normal summer weather, analysts expect energy firms to inject more gas into storage than usual in coming weeks. Record-high output in June, likely to be surpassed in July, and reduced gas flows to LNG export plants since April's peak, support this trend.
Technically chart shows us a bearish divergence on 1-h timeframe. I suppose the price to slowly decline towards major support level of 3.0000 with minor rebounds. The 2nd option is the rebound from 3.4000 support level with a first target of 3.6000.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.