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Natural gas prices: What can you expect this week? (Part 2 of 2) (Continued from Part 1) Potential ascending triangle pattern
Gas prices for April futures contracts show a potential ascending triangle pattern. Natural gas prices traded in a channel on Friday, March 6, 2015, and closed marginally above the previous resistance of $2.80 per MMBtu (British thermal units in millions). Consensus of warm weather forecasts pushed gas prices lower on Friday.
Pivot points for natural gas prices
Bullish traders should watch out for key resistance at $2.90 per MMBtu. This resistance is formed from the highs of January 26 and 28. However, bearish traders estimating warm weather conditions could see support at $2.70 per MMBtu. Natural gas prices have hit this mark many times in January and February 2015.
What the charts say
As you look at the potential ascending triangle pattern, breakout above $3.00 per MMBtu could push natural gas prices to the target of $3.4 per MMBtu. As you can see in the above chart, if Channel 2 repeats Channel 1, prices could hit $3.00 per MMBtu. Bullish inventory withdrawals and consensus of improving demand outlook would support the rise in prices.
The RSI (relative strength index) and MACD (moving average convergence divergence) are signaling mixed price trends. Natural gas prices may fall due to profit booking and consensus of warm weather. Bloomberg surveys show natural prices will fall this week.
Lower natural gas prices negatively impact gas producers such as EOG Resources (EOG), Southwestern Energy (SWN), and Anadarko Petroleum (APC). They also impact gas ETFs such as the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG).
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Anadarko
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CODE : APC |
ISIN : US0325111070 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Anadarko est une société d’exploration minière basée au Canada. Anadarko est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 38,6 milliards US$ (34,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 12 mai 1995 à 10,00 US$, et son plus haut niveau récent le 23 mai 2014 à 99,93 US$. Anadarko possède 531 000 000 actions en circulation. |