Baxia Markets
April 04, 2022

Natural Gas rallies and finds new high for the year.

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The energy commodity continues the rally and reached 5.88 earlier in the trading session, the pair could find a retracement in the short term that would allow it to gather strength in order to continue climbing in the mid-term.


The Bollinger bands are wide and continue to open up aggressively, this will bring higher volatility in the short term, the pair trades closer to the upper band, suggesting that the price is relatively high, XNG could find strong resistance at the $5.963 if the upper band doesn't continue expanding.


Nat Gas April 1st 2022


The relative strength index is at 69% which is almost overbought, investors might see this as a threat and close their long positions before the price finds a pullback, the support level is at $5.344 on our 23.6% Fibonacci retracement. The parabolic SAR suggests that the price will continue to climb.


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