Natural Gas Perspective & Support & Resistance Levels 11.16.2018

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Natural Gas???
While most traders focus on markets like mini SP, mini NASDAQ, Crude oil and Gold, others may trade across the board in different markets including Natural Gas.
The last few days we witnessed some of the strongest volatility I have seen in ANY market for a while.
Here is a 60 minute chart of Natural Gas from the last 3 days, “picture is worth a 1000 words”…..I also circled the dollar value of the move per one contract!!
As far as explanation, nothing I can feel confident in as far as reasoning…but here is one source:, SeekingAlpha.com
Natural gas -13%, correcting following recent run-up
Nov. 15, 2018 10:58 AM ET|By: Carl Surran, SA News Editor
Cold weather in much of the U.S. lifts spot natural gas prices to their highest since January in several regions, while natural gas futures -13% to $4.18/MMBtu as investors took profits after rallying to the highest levels in nearly four years.
Prices were little changed by today’s EIA data showing U.S. supplies rising by 39B cf for the week ended Nov. 9.
Futures traders say the cold weather will force utilities to start withdrawing gas from storage caverns that already are well below normal for this time of year, prompting concerns of possible gas shortages in some parts of the U.S. later this winter.
Meanwhile, next-day prices rose to their highest since January at the Henry Hub benchmark in Louisiana, Dominion South in Pennsylvania and Chicago citygate.
Gas-focused equities are mixed: CHK +1.1%, AR +0.7%, EQT +0.1%, GPOR-0.2%, COG -1.3%, RRC -1.8%, SWN -2%.
Bottom Line is, regardless if you are an option seller, a swing trader, day trader and anything in between – ALWAYS have a money a management exit strategy or you can really get caught in a bad situation.

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Trading Levels

11-16-2018

 


Economic Reports, source: 

www.forexfactory.com

 

 

Date 4:24pm Currency Impact Detail Actual Forecast Previous Graph
FriNov 16  2:00am EUR
German WPI m/m
0.2% 0.4%
3:30am EUR
ECB President Draghi Speaks
5:00am EUR
Final CPI y/y
2.2% 2.1%
EUR
Final Core CPI y/y
1.1% 1.1%
6:00am EUR
Italian Trade Balance
2.87B 2.56B
8:00am EUR
German Buba President Weidmann Speaks
9:15am USD
Capacity Utilization Rate
78.3% 78.1%
USD
Industrial Production m/m
0.2% 0.3%
9:30am GBP
CB Leading Index m/m
-0.2%
4:00pm USD
TIC Long-Term Purchases
46.2B 131.8B

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Posted in: Future Trading News  

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