Natural gas is on the move
Energy markets are on the move: volume in the largest oil ETF of the United States (USO) rose to a new peak in 2022. CME Group took a similar action for WTI Crude oil futures. The situation was fueled by geopolitical escalation in the Middle East.
Natural gas has developed a strong momentum, getting back to $3, and if it holds this level, it will complete the “cup-and-handle” pattern, which points to the continuation to the upside, up to $4 area and above.
The current price is also above the 20, 50, and 200 moving averages, indicating a “price discovery” regime. If XNGUSD doesn’t correct itself, it may develop another sharp spike upward.
Natural gas has developed a strong momentum, getting back to $3, and if it holds this level, it will complete the “cup-and-handle” pattern, which points to the continuation to the upside, up to $4 area and above.
The current price is also above the 20, 50, and 200 moving averages, indicating a “price discovery” regime. If XNGUSD doesn’t correct itself, it may develop another sharp spike upward.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.