Already seen $2.50 in 2016.
"The average natural gas spot price at the benchmark Henry Hub for December 2015 of $1.93 per million British thermal units (MMBtu) was the lowest monthly average since March 1999. EIA's latest Short-Term Energy Outlook (STEO) expects natural gas prices to rise, averaging $2.65/MMBtu in 2016 and $3.22/MMBtu in 2017. Expected price increases reflect consumption growth, mainly from the industrial sector, that outpaces near-term production growth.
When the January STEO was published, the Nymex futures strip, which represents the price of natural gas for delivery at each contract month, averaged $2.50/MMBtu for 2016 and $2.80/MMBtu for 2017. The confidence range for natural gas prices shown in the figure is derived using a variation of the Black-Scholes model that is often used by financial analysts to estimate the value of options. EIA starts with options prices and uses Black-Scholes to calculate the implied price volatility. The confidence interval is thus a market-derived range that is not directly dependent on EIA's supply and demand estimates."
Oil rebound the last few days were not strong enough to go long. The same movie with different scenes, short oil on any rebound.
I have to pull out 20yrs monthly chart to see your point. Normally I don't use monthly chart. There is good support around $25 and $22
Oh, let me add to my post, if I know exactly oil will hit $23.80 and bottom then rebound from there, I would be filthy rich and running for President along with Trump.
You buy oil now with all money you have left, but I will wait until it hit my technical point.
Of course I will claim the victory because I posted the number. Let me tell you, nobody knows exactly where the oil is going even the world top analyst (Goldman Sachs, JP morgan..etc), they can only give you the estimate base on their top fundamental and technical analyst.
-so why do you look at the chart when you trade, it's useless any way, it's only go up and down but you are on the wrong side of the trade.
I look at the Daily chart again and draw a channel, top channel is the two point of high 6/24/2015 and high 10/9/2015, bottom channel is low 8/24/2015 (These three points make a V shape). Draw a trendline from the top and a parallel line at bottom point to create a channel, the bottom of channel is around $23.80, the same as June 2002 low. Will oil get there? I don't know but I'll be watching at these level.
One thumb down, great, now I know there is one selfish person on board, I guess you haven't even look at the website yet, this is not a spam, I just want to share the information because I am an unselfish person. Here is the report say if you are lazy to look at it
-Today's Analysis 13 January 2016
Gold key to direction is strong support at 1081/80. This is an excellent buying opportunity BUT we may have already seen the low for this correction at 1083. If this is the case we look for a recovery to first resistance at 1091/92. Shorts here look too risky & if we continue higher look for stronger resistance at 1099/1100 for some short term on any remaining longs. Try shorts with stops above 1104.
A break below 1076 is a sell signal. This means our bottoming pattern has failed & we could target 1073 then 1070.
-Report on S&P
Today's Analysis 14 January 2016
Emini S&P testing major longer term Fibonacci support at 1883/82 as I write. A low for the correction is possible here in oversold conditions. This is likely to be the most important level of the week but longs need stops below 1976...just bear in mind we would need a close below here to trigger further losses (beware of a spike lower & quick recovery) to target 1871/69 then September lows at 1861. This is still quite an important support, but below here targets 1851/50. Failure here risks a retest of August & 2015 lows at 1831.
Clearly bears are in control with a 2 day recovery quickly running in to selling pressure. However if we can stablise around 1880 look for a recovery to 1893 & resistance at 1898/99. If we continue higher look for stronger resistance at 1910/11 & a good chance of a high for the day. However further gains could target an excellent selling opportunity at 1922/24. Shorts need stops above 1930.
daytradeideas (you have to google it to get the full website link), this dude is in UK and it cost $80/mo (#$%$50+transaction fee), he claims to have 25 yrs experience and working for big companies. Check out his free report first, even free reports, it can give good direction, support/resistance. GL
Technically, if you plot the trend on 3yrs daily chart from 3/11/2015 low to 7/24/2015 low, the bottom of the trend is around $.88, since it broke last year low and trading below all moving averages, it could get there. Unless you make short term trades, I wouldn't hold it for long term. GL
Cool dude, hit the nail in the head. Took me years to find the right support/resistance. Sometimes still missed by a mile. LOL
Thanks for the input Blue, I have no idea about GASL. In that case, I'll watching the oil to see if it hit $27. Goldman Sach predict it in the 20s.
when stock oversold, it can stay oversold for a long time. If you overlay UNG and GASL, they don't move in the same direction.