Natural Gas extends to fresh 2025 high above 2023 high

Darren Chu, CFA Tradable Patterns

Natural Gas (NG) bounced more than 2.5% Friday (on the March contract), closing once again near the 2025 high. A significantly higher March low versus the February low is all but assured, reinforcing the higher March high versus the February high, which in term was higher than the January high and the December high. With the 2025 high higher than the 2023 high, a major bottom has completed. Healthy multi-month consolidation will likely kick in once NG reaches the 38.2% Fib retrace of the 2022-2024 bear market. Volatility may arrive sooner with Thursday’s highly anticipated weekly storage figures. The weekly, daily and 4hr RSI, stochastics and MACD are bottomish or rallying. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Weekly/daily/4hr

Author

Darren Chu, CFA

Tradable Patterns

Darren Chu, CFA, ex-Intercontinental Exchange | NYSE Liffe, TMX Group, CMC Markets, is the founder of Tradable Patterns – a publisher of futures/FX technical analysis on Bloomberg, LSEG (Refinitiv) and Factset.

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