Natural gas could be set for a material rebound following a breakout from a multi-month range.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.RT @IGcom: Risk event for the week: US consumer prices Following the strong jobs data the next big point to watch for the dollar,...To what extent natural gas can rise and what are the key levels to watch?
Looking for the best trade ideas for Q4? Look no further and download your complimentary guide courtesy of the DailyFX team of Analysts and Strategists.Natural gas could be set for a material rebound: it rose to an eight-month high last week on higher heating demand, smaller-than-expected inventory build, and rising exports.
Natural gas rose 14% last week, the biggest weekly percentage increase since mid-June. LSEG forecast US gas demand, including exports, would rise in the coming two weeks. On technical charts, natural gas’ break above crucial resistance at the March & August highs of 3.03 has triggered a significant break out from an eight-month-long sideway range.The price objective of the pattern points to a rise to around 4.00-4.10 in the coming weeks.
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