NG
-2.83%
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Movements of natural gas futures since the announcement of the weekly inventory on Thursday indicates a wild price swing is likely on the last trading session of 2022.
Undoubtedly, both the bears and the bulls are struggling to prove their strength, which has constructed a strong base for the bulls to carry on buying sprees above the significant support at $4.428.
Since the weekly withdrawal this time was much larger than the 5-year average of -106 Bcf could keep the trend in favor of the natural gas bulls during the upcoming week after Jan.4, 2023.
Natural Gas Futures 1 Hr. Chart
In a 1-Hour chart, the natural gas futures look ready for a breakout that could start at 05:00 a.m. in today’s trading session as the base formation seems to be over now.
Natural Gas Futures 4 Hr. Chart
In a 4-Hour chart, the natural gas futures have formed a bullish hammer could find next confirmatory candle shortly before 06:00 a.m. today.
Natural Gas Futures Daily Chart
In a daily chart, natural gas futures could find strong reversal from the current level. Only a breakout above the immediate resistance at $4.881 will confirm the continuity of a steep reversal.
Undoubtedly, a weekly closing by the natural gas futures above $5.5 could confirm the current uptrend as the natural gas futures could not ignore the arrival of the Winters at this point of time.
Best wishes to everyone for a happy and prosperous New Year!
Disclaimer: The author of this analysis does not have any position in Natural Gas futures. Readers are advised to take any position at their own risk, as Natural Gas is one of the most liquid commodities in the world.
Source: Investing.com
