Baxia Markets
August 16, 2021

Natural Gas could reach a new high since 2018

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XNGUSD has been on an uptrend since the beginning of April; the pair has made almost 60% during that time, it found some setbacks along the way, but the uptrend remains strong.


Recently, the price found a pullback, and the price almost fell to its support level at $3.798 in our 23.6% Fibonacci retracement, the price found support before that, and it's up more than 2.5% in one trading session. 


The Bollinger bands are shrinking, and volatility is expected to be lower than usual; the price trades between the bands, which suggests a fair price. The technical elements are there for us to expect the pair to continue climbing in the short term.


Nat Gas August 13th 2021


The relative strength index is at 54%; after the pullback, the RSI dropped, allowing the uptrend to continue in the next few sessions or until the RSI reaches an overbought status above 70%.


The short and long-term moving averages are moving up, and the spread between the lines continues to expand, indicating an uptrend continuity. Our parabolic SAR indicator suggests that a downtrend should be expected; however, this is a lagging indicator.


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