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    Baxia Markets
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    August 09, 2021

    Natural Gas reaches its highest level since Dec 2018

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    XNGUSD continues its uptrend with a new high in more than two and a half years.

    The Bollinger bands are wide and moving upwards, which indicates high volatility and an uptrend continuity. However, the price is very close to the upper band, which suggests that the price is relatively high.

    The relative strength index is close to entering an overbought status; it's currently at 69%; this has not stopped the energy commodity from continuing the uptrend in the past, which could be the case again. From a technical analysis point of view, the price should start retracing soon, but there might still be some room for it to continue climbing, possibly to the $4.30 levels.

     

    Nat Gas August 6th 2021

    The short and long-term moving averages are naturally climbing with the price. The gap between these lines continues expanding, and the general trend is, of course, upwards. Our parabolic SAR and other indicators support this.

    The next step for the price will be to break the previous high at 4.202; if it manages to complete this breakout, the price can reach 4.35 in the short term.

     

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