Trump’s Comeback Impact on Natural Gas Futures Under Selling Pressure
The recent move by the Trump administration has created a ripple effect in the natural gas futures market, with prices continuing to face selling pressure. The potential reversal of Washington’s stance on the Ukraine-Russia conflict under Trump’s leadership is a key factor influencing market sentiment.
Technical indicators suggest that natural gas futures are range-bound, as traders navigate through the growing tensions between Ukraine and Russia, as well as China’s position on the matter. Despite a 3% surge in today’s trading session, prices struggled to hold above the $2.291 support level.
On the charts, a bullish crossover between the 9-day and 20-day moving averages, which had previously crossed the 50-day moving average on November 8th, indicates a potential spike towards the next resistance level at $3.093. However, the formation of bearish blocks on the weekly chart suggests that selling pressure may persist if prices fail to hold above this key resistance level.
In the short term, the 9-day moving average at $2.294 is likely to act as an immediate resistance level for natural gas futures. Traders looking for opportunities may consider going long if prices hold above the 200-day moving average at $2.814.
In conclusion, while volatility remains high, natural gas futures are expected to stay within bearish territory this week unless a breakthrough above the $3.093 resistance level occurs. Stay tuned for further developments in the market.
Analysis:
The article discusses the impact of Trump’s potential policy changes on natural gas futures, highlighting the current selling pressure in the market. Technical indicators suggest a range-bound movement, with resistance levels at $2.291 and $3.093. Traders may consider going long if prices hold above the 200-day moving average at $2.814. Overall, the article provides insights into the market dynamics and potential trading opportunities for investors.