NATGAS closes lower for the 4th day in a row
Henry Hub Natural Gas (NATGAS) Technical Analysis Report for Sep 20, 2019 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, NATGAS ended the week -3.66% lower at 2.554 after losing $0.022 (-0.85%) today. Closing below Thursday's low at 2.560, the market confirmed its breakout through the previous session low after trading up to $0.028 below it intraday.
Daily Candlestick Chart (NATGAS as at Sep 20, 2019):
Friday's trading range has been $0.072 (2.79%), that's below the last trading month's daily average range of $0.083. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NATGAS.
Prices are trading close to the key technical support level at 2.497 (S1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Its common bearish interpretation has been confirmed for Natural Gas. Out of 633 times, NATGAS closed lower 50.24% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 55.45% with an average market move of -0.55%.
With four out of the other seven Commodity Markets closing lower today, the ones that stand out on the negative side are CORN losing -0.54% and WHEAT closing -0.46% lower. On the flipside the best performers have been GOLD closing 1.19% higher and SILVER gaining 1.15%. Read more