Baxia Markets
May 29, 2021

Solid week for Natural Gas +3.77%

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After finding support at $2.917, natural gas continued its uptrend; at some point today, the commodity had weekly gains of 5.10% but managed to close only 3.77% up.

The first three days of the week were very solid for natural gas as it had profits of 4.68% in only three sessions. The following day, the price lost almost 2%, and that brought down the relative strength index, which is currently at 56%; this will allow the pair to continue rallying until it enters an overbought status.

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The Bollinger bands are narrow, indicating lower volatility for the upcoming sessions; however, there could be some exciting movements ahead. The pair found resistance at $3.044, a critical level for the continuity of the uptrend. The price will likely attempt another breakout of this level if the RSI stays under 70%.


Short and long-term moving averages are still climbing, suggesting that the general uptrend could continue for the short term.


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