Natural Gas Commodity Forecast
Natural Gas commodity price up 0.585% on Friday
(Updated on May 31, 2024)
The Natural Gas commodity price gained 0.585% on the last trading day (Friday, 31st May 2024), rising from $2.57 to $2.58. During the last trading day the commodity fluctuated 2.50% from a day low at $2.52 to a day high of $2.58. The price has been going up and down for this period, and there has been a -6.18% loss for the last 2 weeks. Volume fell on the last day by -26 thousand shares and in total, 125 thousand shares were bought and sold for approximately $322.35 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The commodity lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the commodity is expected to rise 46.58% during the next 3 months and, with a 90% probability hold a price between $2.88 and $4.33 at the end of this 3-month period.
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NGUSD Signals & Forecast
There are mixed signals in the commodity today. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -9.18%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The Natural Gas commodity holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $2.53 and $2.22. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Natural Gas commodity
Natural Gas finds support from accumulated volume at $2.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This commodity may move much during the day (volatility) and with periodic low trading volume this commodity is considered to be "high risk". During the last day, the commodity moved $0.0630 between high and low, or 2.50%. For the last week the commodity has had daily average volatility of 2.10%.
Our recommended stop-loss: $2.47 (-4.44%) (This commodity has high daily movements and this gives high risk. There is a sell signal from a pivot top found 26 days ago.)
Trading Expectations (NGUSD) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Natural Gas to open at $2.56, and during the day (based on 14 day Average True Range), to move between $2.47 and $2.69, which gives a possible trading interval of +/-$0.111 (+/-4.30%) up or down from last closing price. If Natural Gas takes out the full calculated possible swing range there will be an estimated 8.59% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.66 (2.94%) than the support at $2.49 (3.45%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Natural Gas commodity A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Natural Gas commodity to perform well in the short-term.
Current score: 2.617 Buy Candidate Unchanged
Predicted Opening Price for Natural Gas of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| $2.56 ( 0.81%) | $2.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NGUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.62 | 1.63 % | |
| R2 | 2.60 | 0.695 % | ||
| R1 | 2.58 | 0.119 % | ||
| Current price: | 2.58 | |||
| Support | S1 | 2.54 | -1.75 % | |
| S2 | 2.52 | -2.32 % | ||
| S3 | 2.50 | -3.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.84 | 10.11 % | |
| R2 | 2.75 | 6.59 % | ||
| R1 | 2.66 | 2.94 % | ||
| Current price | 2.58 | |||
| Support | S1 | 2.49 | -3.45% | |
| S2 | 2.31 | -10.38% | ||
| S3 | 2.15 | -16.78% |
FAQ
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