It's truly the storming of the Bulls Encierro!!
So the price of NG managed to do a breakout above the psychological level of 8 USD in what what I thought was going to be a consolidation phase. Before the breakout It dipped back to the 7.75 USD and I took a position at 7.80 USD eventhough I mentioned in my previous TA I would enter at 6.85 or after the release of the EIA weekly storage report.
Just before and during the release of the EIA Weekly storage report the market tested the 20 Moving averages on the 5 Day, 1 Month and 3 Month Charts as marked in light blue horizontal line and the price of NG closed above all of them atleast during the European session. The American session seems to be doing their part quite well as always.
The 200 Day moving average on the 1 Month chart is about to cross the 20 day moving average on the 1 year chart @ 7.90 USD so basically 8 USD might act as future support.
The RSI is showing near the overbought levels on the monthly Chart but since the NG storage levels are still below the 5 year average, the EU-Russia tit for tat sanctions ongoing in regards to the war in Ukraine and weather conditions warming in the USA, the indicators are the least of the concerns at this point in time.
Since we are breaking above the year 2006 highs, I am of the opnion the price of NG will follow in the range of Trendline I and II as indicate on the chart to te month end target @ 12.30 USD with some valleys and hills along the way.
So the price of NG managed to do a breakout above the psychological level of 8 USD in what what I thought was going to be a consolidation phase. Before the breakout It dipped back to the 7.75 USD and I took a position at 7.80 USD eventhough I mentioned in my previous TA I would enter at 6.85 or after the release of the EIA weekly storage report.
Just before and during the release of the EIA Weekly storage report the market tested the 20 Moving averages on the 5 Day, 1 Month and 3 Month Charts as marked in light blue horizontal line and the price of NG closed above all of them atleast during the European session. The American session seems to be doing their part quite well as always.
The 200 Day moving average on the 1 Month chart is about to cross the 20 day moving average on the 1 year chart @ 7.90 USD so basically 8 USD might act as future support.
The RSI is showing near the overbought levels on the monthly Chart but since the NG storage levels are still below the 5 year average, the EU-Russia tit for tat sanctions ongoing in regards to the war in Ukraine and weather conditions warming in the USA, the indicators are the least of the concerns at this point in time.
Since we are breaking above the year 2006 highs, I am of the opnion the price of NG will follow in the range of Trendline I and II as indicate on the chart to te month end target @ 12.30 USD with some valleys and hills along the way.