From all appearances, we've had an oversold bounce here. Time for a pullback ? There seems to be no resistance until 4.3 or so.
Cramer stepped-up on Mad Money tonight. It was an interesting analysis. Bottomline: Natty Gas overbot short-term....October is a weak month for the commodity....and (of course) weather plays a huge role here. Gentlemen: place your bets.
Incidence of Polar Vortex will increase, based on article published in Sci Am.. So could look to buy on the retest of the low. https://www.scientificamerican.com/article/dreaded-polar-vortex-may-be-shifting/
You're right, on the monthly chart, the dominant trend is bearish but it's not a very strong one. On the weekly chart, it's going through congestion (correction)
Natty gas remains a quandry at this point in time. I think we are going to need a very cold winter for it to break-out above $4.
Nice chart. The big issue is: What happens to Natty Gas if crude plummets to 40 or lower ? Could that cause a break of the April low of $2.30 or so ? Wow, that's a low number.
The dynamics of crude and gas are very different. You can't chart gas as the above poster did because of the contango. There is no continuous price. There is a pretty steep winter contango still in natty although it has come in quite a bit due to the weather adjustments.
or you need to borrow the power of China just one word from their President, " we will increase the use of Natural gas this winter " , then it will rise like a rocket !