Natural Gas Futures: Scope for extra advance

Pablo Piovano FXStreet

Considering advanced prints from CME Group for natural gas futures markets, open interest reversed two daily pullbacks in a row and went up by around 9.6K contracts on Tuesday. In the same line, volume rose by around 82.3K contracts after two daily drops in a row.

Natural Gas now targets $5.00

Tuesday’s uptick in prices of natural gas was amidst rising open interest and volume, leaving the door open to further gains in the very near term with the immediate target at the $5.00 mark per MMBtu. In the meantime, the 200-day SMA around $4.26 continues to hold the downside for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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