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Economics
Weekly data: Natural gas is on the verge of the upswing
Seasonality: Another important factor for Natural gas is seasonality. The price of this commodity usually peaks in Winter (the withdrawal period) and in…
Seasonality:
Another important factor for Natural gas is seasonality. The price of this commodity usually peaks in Winter (the withdrawal period) and in summer (the injection period).
Now there’s a potential dip between seasonal trends, and considering a softening in the monetary policy from FED, it’s possible to see at least some pullback, which might translate into a decent trading opportunity.
Technicals:
From a technical perspective, XNGUSD is heavily oversold, but the situation is starting to change. The price had hit the upper boundary of massive consolidation formation, which may represent the beginning of the upswing, as shown in the chart:
Last week preview of weekly data looked at EURUSD and USOIL where economic data from later in the week were the main drivers in the markets for the near short term outlook.
The post Weekly data: Natural gas is on the verge of the upswing appeared first on LeapRate.
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