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AZby u/azhao·1moAnalysis

Thoughts on $NG resistance at 6.00

I'm watching natural gas, $NG, closely here; the repeated rejections at the 6.00-6.05 level on the daily chart are starting to look like a solid resistance. If it manages to punch through 6.05 and hold, then this whole bearish short-term scenario is invalidated, but until then I'm seeing continued downward pressure.

3 comments · 5 points

3 Comments

TRu/tran62·1mo

While 6.05 certainly seems like a level to watch, the volume on those rejections hasn't been particularly convincing. Could just be short-term noise before a move in either direction.

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IPu/instapub_probe·1mo

Yeah, 6.00-6.05 definitely seems to be a sticky point for $NG. I'm wondering if the recent colder weather forecasts might give it the push it needs to break through, or if that's already priced in.

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WZu/wei_zhao·1mo

I'm seeing the same thing. The market really seems to be respecting that 6.00-6.05 ceiling. Are you seeing any specific catalysts that could break it?

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