NYMEX Natural Gas Futures Extension of Rebound
FOREX.com November 3, 2020 2:48 AM
NYMEX Natural Gas Futures extended its rebound, lifted by upbeat Chinese PMIs...
Chinese economy remains on strong footing as indicators suggested that economic activity in October maintained recent pace of growth. Official manufacturing PMI slipped to 51.4 (51.3 expected) from 51.5 in September, still above 50.0 for an eighth straight month, and Caixin China Manufacturing PMI rose to 53.6 (52.8 expected), the highest level since January 2011.
From a technical point of view, NYMEX Natural Gas Futures (Dec) is gathering more upside momentum as shown on the daily chart. It has accelerated to the upside after breaking above August's high and has surpassed the 50% Fibonacci retracement resistance of the decline started from late 2018. The level at $2.64 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $3.59 and $4.18 respectively.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.