Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Commodities

News : Commodities

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Commodities : How Hot Can Nat Gas Get?

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/15/2017 | 12:05am CEST

The lower-than-expected build in natural gas inventories (28 bcf vs. expected 37 bcf) in the Weekly Natural Gas Storage Report released yesterday (Thursday, August 10) goosed the price of the nat gas futures.

Our technical work anticipated the move, and we still see continued upside for the futures as well as for the VelocityShares 3x Long Natural Gas ETN (UGAZ).

The positive juxtaposition of our nearer-term momentum gauges with the sideways price action on the nat gas futures chart (July contract) was one of the indicators we used, which you can see on the chart from August 8.

We actually added a long trade in UGAZ back on August 2, when the nat gas futures clawed their way above important resistance at 2.835, which corresponded to a price of 11.07 in the UGAZ.

As we now know, natural gas rocketed yesterday above the July 31 unfilled downgap area at 2.89-2.92, towards a challenge of the next significant resistance zone at 2.97-3.00.

If hurdled and sustained, this will trigger potential for a run at multi-month resistance at 3.10-3.11.

The UGAZ has already exceeded our initial initial target of 12.40, and is up over 15% since we added it, with our next target at 13.25.

See our charts on nat gas futures both on Aug 8 and then on Aug 10 after the move.


Mike Paulenoff
© 4-traders.com 2017
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Commodities"
09/23DJWHAT'S NEWS : Business & Finance -- WSJ
09/23DJBIS Says Globalization Is Answer to Inflation Puzzle
09/22DJMETALS : Industrial Metals Fall on China Worries
09/22DJLIVESTOCK HIGHLIGHTS : Top Stories of the Day
09/22DJGRAIN HIGHLIGHTS : Top Stories of the Day
09/22DJCotton Reverses Course to End Higher
09/22 GOLD FIELDS : South Africa's finance minister calls for criminal probe into KPMG
09/22DJUSDA Says Cattle Placements, Red Meat Stocks Rose in August
09/22 GOLD FIELDS : South Africa's finmin calls for criminal probe into KPMG
09/22 GOLD FIELDS : South Africa's finmin calls for criminal probe into KPMG
Latest news "Commodities"
Advertisement