Natural Gas Futures
Natural gas futures in the September contract settled last Friday in New York at 1.86 while currently trading at 1.85 unchanged for the trading week and looking for a trend to develop to the upside, in my opinion. Currently, I am not involved as I am waiting for a bullish trend to develop. I think there's a high probability that a spike bottom was created on June 26th at 1.58. In general, the commodity markets are starting to show signs of life as the U.S. dollar continues its bearish trend.
Gas prices are now trading above its 20-day but still below its 100-day moving average. However, if you take a look at the daily chart, major support has developed between 1.60/1.65, so look to play this to the upside in the coming weeks ahead as I believe the risk/reward would be in your favor. The chart structure will also start to improve daily; therefore, the monetary risk will be reduced in next week's trade. Historically speaking, prices are incredibly depressed.
CHART STRUCTURE: IMPROVING
Silver futures in the September contract settled last Friday in New York at 22.85 an ounce while currently trading at 23.94 up over $1.00 for the trading week as prices are right near a 7-year high. Continue reading "Futures Market Showing Signs Of Life"