Natural Gas Futures: Upside could still extend further

Pablo Piovano FXStreet

Considering flash data from CME Group, open interest in natural gas futures prices rose for the third session in a row on Tuesday, this time by around 6.1K contracts. Volume, instead, reversed two consecutive daily builds and went down by around 64.3K contracts.

Natural Gas looks supported by the 200-day SMA

Tuesday’s third advance in a row in prices of natural gas was accompanied by an uptick in open interest, indicative that prices could edge higher in the very near term. While above the key 200-day SMA, today at $4.037, the outlook for the commodity appears constructive.

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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