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NATGAS Analysis: A Quick Dive for the Degenerates

What's Happening

Right now, NATGAS is trading around $2.067. It's been bouncing back from the lows and is getting close to some key levels we need to watch.

Key Levels to Watch

Support Zone: The green zone between $1.750 and $2.070. This area has been a stronghold where buyers step in since 2015.
Resistance Zone: The red zone between $5.500 and $6.500. Prices have hit a wall here multiple times.

Moving Averages

50-day SMA (Red): About $2.292
66-day SMA (Blue): About $2.218 (Almost crossing the 200-day SMA)
100-day SMA (Yellow): About $2.141
200-day SMA (Green): About $2.360

The price has recently moved above these moving averages, hinting at a potential trend shift. The 66-day SMA is also nearing a crossover with the 200-day SMA, which could further confirm a bullish trend if it happens.

MACD Indicator

The MACD is showing a bullish signal with the MACD line crossing above the signal line. This suggests that momentum might be shifting towards the bulls.

Volume

There’s been a noticeable spike in trading volumes as the price increased. High volume during an uptrend can confirm the strength of the movement.

What Could Happen Next

*If We Go Up:

Holding above the $1.750 - $2.070 support zone could lead to a move towards $3.500 and possibly $5.000.
Breaking $5.000 could set up a run to the $5.500 - $6.500 resistance zone.

*If We Go Down:

Falling below the $1.750 - $2.070 support zone might lead to a drop to recent lows around $1.500.
Breaking below $1.500 could mean heading towards $1.200.

The Bottom Line

NATGAS is at a critical point. There are signs of a potential upward move, but we need to see if it can hold above the support zone. Watch the volume for clues and keep an eye on the 66-day SMA crossing the 200-day SMA. As always, be smart about your risk because the commodity markets can be wild.