Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
Trading position
- Crude Oil [CLX21] No position justified from the risk/reward point of view;
- Natural Gas [NGX21] Long around $5.480-5.568 with stop below $4.766 (previous swing low) and targets at $6.63 (TP1) and $7.79 (TP2) – Fig. 1 & 2.
On the chart below, we can see the next potential support level (Fig.1) for natural gas in light of the newest market data. We defined this area as a potential dip to initiate an entry on the long side.
Figure 1 – Henry Hub Natural Gas (NGX21) Futures (November contract, daily, logarithmic scale)
In brief, we defined a new relative support level for natural gas yesterday in order to find a long entry, and we think it’s a good call given the most recent market developments.
As always, we’ll keep you, our subscribers, well-informed.
Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
Trading position
- Crude Oil [CLX21] No position justified from the risk/reward point of view;
- Natural Gas [NGX21] Long around $5.480-5.568 with stop below $4.766 (previous swing low) and targets at $6.63 (TP1) and $7.79 (TP2) – Fig. 1 & 2.
Thank you.
Sebastien Bischeri
Oil & Gas Trading Strategist
