Natural Gas: Bulls In The Driver’s Seat
2022.04.11 10:26
On Monday, the natural gas bulls look decisive as natural gas has been sustaining well above $6.248. Since this week’s opening, the bulls look aggressive amid growing diplomatic moves by the US and its allies.
The currently prevailing geopolitical situation looks quite supportive for bulls as the energy embargo is set to encourage bulls to hit $10.
Natural gas futures weekly chart.
After a frisky Friday, bulls look full of confidence amid increasing volatility as natural gas has been sustaining well above the psychological support at $6 since Apr. 6, 2022.
Natural gas futures daily chart.
Natural gas has found massive support above $6.2, which may attract bulls to form one more launching pad at $6.3, as they did at $4.3 and $5.3 in February and March 2022.
Natural Gas Futures 1 Hr. Chart.
On Monday, if natural gas holds above $6.242 up to 07:00 A.M., the prices could aggressively move up to $6.748. A sustainable move above $6.811 could generate a short-covering rally.
On the lower side, natural gas has immediate support at $6.197, while the final support seems to be at $6. Only a sustainable move below $5.876 could generate some selling pressure.
Natural Gas Futures 15 Minutes Chart
Despite selling pressure, bulls look aggressive.
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