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    Baxia Markets
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    May 01, 2022

    Natural Gas recovers 4.43%

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    The energy commodity closed the week with a 4.43% gain from the previous session, where it lost almost 6%, the price continues bouncing for the 3rd consecutive session and could enter a consolidation status in the short to medium term.

     

    The general trend continues to be upwards, and the gap between our short and long-term moving averages continues to expand strengthening the buy signals. The price is finding strong support at the 23.6% Fibonacci retracement at $7.161

     

    Nat Gas April 29th 2022

     

    The Bollinger bands are wide but they are starting to close up and move upwards, which is often an indication of an uptrend. The pair traded closer to the upper band but not close enough to consider the price high yet.

     

    The relative strength index is at 61% which will allow the pair to continue moving upwards in the short term until it gets closer to the 70% overbought status; however, our Parabolic SAR indicator suggests that the price will move down in the short term, but this is a lagging indicator. 

     

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