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    Baxia Markets
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    May 16, 2022

    XNGUSD recovers some ground

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    Natural Gas is on a three-day winning streak, and it recovered ground after losing more than 21% in two sessions, the pair is trading above the short and long-term moving average, which indicates that the uptrend is likely to continue.

     

    The Bollinger bands are wide, and high volatility can be expected for the short term, the pair trades between the bands, suggesting that the price is at a fair level. If the price manages to complete the breakout on the 50% retracement, we will expect the price to resume the uptrend.

     

    Nat Gas May 13th 2022

     

    The relative strength index is at 55% which will allow the pair to move upwards in the upcoming sessions, XNGUSD broke two resistance levels, but only one has been completed so far, and the pair is still trying to go over $7.753. Our parabolic SAR indicator suggests that the price will move downwards.

     

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