Commodities Analysis by Satendra Singh covering: Natural Gas Futures, WisdomTree Natural Gas 1x Daily Short, TR/CC CRB Natural Gas, iPath® Bloomberg Natural Gas Subindex Total Return(SM) ETN. Read Satendra Singh's latest article on Investing.com
have remained exceptionally volatile due to various concerns surrounding supply and demand. Without a doubt, the bulls demonstrated their strength by holding above the long-standing resistance level of $3 just last Friday.
Natural gas has defied market trends, with the weather outlook shifting from hot to cold. The EIA reports indicate that U.S. natural gas exports reached a record high in the first half of 2023, further fueling optimism among natural gas bulls.Upon analyzing the price movements of natural gas on the weekly chart, I've observed an intriguing application of trigonometric principles: the angle of elevation appears to mirror the angle of depression.
Once again, during the first week of October 2023, a breakout above the level reached in the fourth week of February indicated the initiation of an equal-degree angle of elevation, namely 74 degrees. In simpler terms, if the weekly chart shows an equally bullish candlestick pattern, it may confirm the continuation of the current uptrend.
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