13 Jan 2015
Natural Gas sees weak recovery
FXStreet (Mumbai) - Natural Gas prices in the US advanced today, although broader gains are being capped by the prospects of milder weather across the US.
The February futures traded 1.63% higher at USD 2.839/mmBtu, compared to the previous session’s close at USD 2.795/mmBtu. The recovery seen today is largely technical in nature as the commodity was oversold on the hourly charts as per technical indicators. Some amount of bargain hunting is also responsible for the gains witnessed today. Overall the bearish undertone persists in the wake of falling energy prices and weather forecasts calling for a mild temperature across the US during Jan 16 through Jan 20.
Natural Gas Technical Levels
The immediate resistance is seen at 2.867 (5-DMA), above which gains could be extended to 2.895 (100-DMA). Meanwhile, support is seen at 2.795 and 2.783 levels.
The February futures traded 1.63% higher at USD 2.839/mmBtu, compared to the previous session’s close at USD 2.795/mmBtu. The recovery seen today is largely technical in nature as the commodity was oversold on the hourly charts as per technical indicators. Some amount of bargain hunting is also responsible for the gains witnessed today. Overall the bearish undertone persists in the wake of falling energy prices and weather forecasts calling for a mild temperature across the US during Jan 16 through Jan 20.
Natural Gas Technical Levels
The immediate resistance is seen at 2.867 (5-DMA), above which gains could be extended to 2.895 (100-DMA). Meanwhile, support is seen at 2.795 and 2.783 levels.