MLPG - Natural Gas Storage: Annual Surplus Continues To Expand But Weather-Neutral SD Balance Is Slowly Tightening
Technicals
Natural gas price rallied on Monday. August contract has broken above the descending wedge and returned back to the descending channel, which formed on June 3 (see the chart below). Technically, the mid-term trading bias is neutral. In the short term, however, as long as August contract price remains above 2.235, the trading bias will be slightly bullish.
As long as August contract price remains above 2.235 expect further upside towards:
- 2.249-2.255, 2.272, 2.285, 2.296-2.298, 2.310, 2.333, 2.341, 2.357.
Alternatively, a break below 2.235 (August) will negate the bullish bias in the short term