Natural Gas is almost oversold on its 1D technical outlook (RSI = 33.738, MACD = -0.139, ADX = 32.983) right at the bottom of the three month Channel Down. Last time the 1D RSI dipped under 30.000 (oversold level), the LL was formed, the Channel Down bottomed and posted a strong December-January rally. Due to the long term bearish trend on NG, we don't expect such a rally this time but the price is low enough to justify a short term buy to test the 1D MA50 (TP = 2.500).
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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.