Gas prices close the trading week at 3.21. NGAS is trading above the upper limit of the Ichimoku Kinko Hyo Cloud, indicating an upward trend in gas. The test of Ichimoku Kinko Hyo signal lines is expected near the level of 3.05, from where we can expect an attempt of a rebound and the continuation of price growth with a target near the level of 3.50.
Natural Gas weekly forecast October 29 — November 2, 2018
An additional signal in favor of rising gas prices in the current trading week of October 29 — November 2, 2018 will be a test of the support level, as well as a rebound from the lower boundary of the rising channel. Previously, a strong signal was received for BUY of Natural Gas, due to the crossing of the signal lines at 2.94.
Cancellation of the option of growth of quotations and gas prices will be the breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotations below area 2.90, which will indicate a change in the upward trend in favor of a downward trend and continued decline. Expect acceleration of growth of quotations Natural Gas stands with the breakdown of the resistance area and closing above the level of 3.35.
Natural Gas weekly forecast October 29 — November 2, 2018 suggests an attempt to test the support level near the 3.05 area, from which one should expect a rebound and continued growth of the currency pair with a potential target near the level of 3.50; that would indicate a continued decline in gas prices.