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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 199045, member: 29339"] [B]NATURAL GAS SETTING NEW RECORDS IN THE US AND EUROPE[/B] [IMG]https://i.postimg.cc/k5Lh147C/dcs.png[/IMG] On Monday, September 6, US natural gas futures reached the mark of $4.7 per million Btu. This is the highest index since December 2018. Such a hike in gas prices was triggered by Hurricane Ida: production in the Gulf of Mexico is not going according to plan. The demand for home air conditioning is likely to remain as strong, since it will be as hot in early September. In Europe, the gas price has climbed even higher due to shortage fears. The threat of shortage stems from the fact that Russia, the largest gas supplier to Europe, has refused to book large volumes of gas pumped through pipelines in Ukraine ahead of the completion of the Nord Stream 2 pipeline. From a technical point of view, the chart shows that gas prices have reached the overbought level and the line of the long-term upward channel. This increases the likelihood of a rollback. Whether you would like to take a risky position against an uptrend, or wait for a pullback (for example, closer to the strong support of 4.200 or 4.500) to enter a long position at the end of it, FXOpen is ready to be your reliable partner. [B]FXOpen Telegram Channel[/B] [/QUOTE]
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