Commodities are showing up on the green side of the screen these days as we witness a recovery. One of the commodities that have displayed strength time and again is Natural Gas. The price is currently trading at an all-time high and we’re here to revisit those crucial levels.
Natural Gas had been range-bound over the last few months between 467 and 685. The price has made four attempts within this time frame to break out of the shackles of the resistance but to no avail!
What we have right now is a breakout to new all-time highs as the price moved past the level of 685. The indicator is in bullish territory and the price has held up above this level nicely so far.
If you are someone who trades Natural Gas or at least follows the trend, then these levels would be important to you.
We are bullish above the risk management level of 685 with a target close to 1,035. It is however important to track the price movement over the next week because NG has displayed proclivity to not hold on to those higher levels in the recent past.
Are you someone who tracks NG levels or trades in this commodity? Are you buying at this level or do you think it’ll cave in?
Thanks for reading and please let us know if you have any questions.