Natgas Natural Gas Futures: Forecast & Seasonality! | BOIL & Natgas Analysis! 05/07/2024 Update

Natgas Natural Gas Futures: Forecast & Seasonality! | BOIL & Natgas Analysis! 05/07/2024 Update

hello my friends this is the video that I made on natural gas Futures on May the 1st exactly one week ago when the price of this asset was $1. 941 and my main assumption was that we might have uh we have to have a rollover to the downside the only confusing part is the top of the fourth W whether it was it roughly $22.15 or we might have another movement to the upside and I Drew this potential path off the price action and guys take a look on its actual price action as you can see we were at this point and for now we are moving exactly as I predicted that is why guys it is another evidence how powerful technical analysis is because it is not a coincidence when the price behaves exactly as it intends to behave and that is why if you want to enhance your trading skills if you want to know more more about technical analysis feel free to subscribe to my YouTube channel and to join my patreon account where for this $35 a month you will be able to drastically enhance your trading skills on top of that guys for the first 100 subscribers I will do a giveaway I will do a technical analysis based on your request on any asset that you might find on top of that guys and it is the most lucrative offer for now there is not so many people inside the Discord community that is why Almost 100% of my time will be dedicated to you this means it is pretty much oneon-one training for the value of $450 but for the fraction of this cost for just $35 a month so I think it is quite fair deal I got the cash in the back stadium rockar in the let’s continue with the price section let me remind you that we are forming uh let’s uh switch to daily time frame and let’s zoom out to show you the bigger picture of this asset we are forming the ABC correction from its alltime high that this asset set at the end of August of 2022 and we formed an a wave we formed an B wave and we are forming the c-wave and C wve should have a five wave structure and we have first wave right here second wave right here third wave fourth quite long unusual fourth wave and we are forming the fifth wave let me zoom into the fifth wave on this scale uh you can see that we formed again the first wave the second the third and we are seeking the top of our fourth wave and it is the most concerning part right now because as you can see we have to have ABC correction to the upside because the initial movement is to the downside and uh in this case we might have the top of our fourth wave right here and it should be five wave structur to the upside from B to C wave and uh then we have to see another leg to the downside that will complete this fifth W that will complete the fifth wave on a slightly bigger scale from this top to this bottom as you can see we might have this as our lowest point and this will complete the entire ABC correction from its alltime high and guys in just several minutes I will show you what to expect next from the price and let’s continue with the fundamentals some fundamentals on natural gas future so we are on tradingeconomics.com and here is the latest update in regards to natural gas prices us natural gas futur searched over 3.5% to $2.2 per mm BTU on Monday hitting a nearly four month High fueled by Rising demand forecast for its next 2 weeks with uh feed gas levels to L export plans on the rise notably with the reopening of free portal gas flow to report reached a 2mth peak of 1.4 bcfd on Sunday up from 1.2 bcfd on Saturday and just 0.4 bcfd on in April additionally prices were propped up by a 9% decrease in the production in 2024 as companies like U and ches PE energy postponed completions and scal back drilling due to earlyer price drops looking ahead meteorologists and anticipate the shift in weather patterns transforming from above average temperatures from May uh 6th to 9th to near normal conditions from May 10th 10 to 17th before returning to warmer than usual temperatures from May 18th to May 21st and guys I have to say that uh potentially we still have uh possibility to hit a little bit High targets because let me show you on a smaller scale and by the way before we di deep into the technical analysis please subscribe to my channel hit notification Bell and hit the like button this helps me a lot so guys we have to form the c-wave and c-wave should have a five wve structure and because of this Gap huge gap and uh you can see that uh it was a contract switch and this means we don’t have any price action inside uh this Gap that is why it is quite difficult to assume what structure do we have right here but with the assumption that uh if we connect for example this bottom right here we can see that potentially we have this type of structure this entire movement might be the first wave this is the second we are forming the third uh potentially we are seeking the bottom of the fourth and we have to have one more leg to the upside that will complete the top of our CW that will complete the top of our fourth wave and in this case uh when we have this type of structure completed structure in this case we will have a lower that will start to form new lows for this asset and potentially the confirmation of this movement will be breakout below the B point the bottom of the B point and below this uh bottom and this the breakout below this range at $1.5 $23 will confirm its movement to the downside that will last again for several that should last at least for several months and guys I have to say that we also have potential botas on the table with the assumption that this bottom is not lower than this one but uh according to trading view data on nz1 exclamation mark it is a natural gas features on NX we potentially might have one two one two setup but in this case the uh retracement uh to the second waves are extremely deep and and that is why it is very debatable whether it is one 1212 on a bigger and slightly smaller scale but at the same time we might have this ABC correction ended right here and we have the fourth wave let me show you like this potentially we might have the fourth wave right here and in this case this uh might be the first wave on a bigger scale and if it is the case definitely we should see an impulsive movement to the upside without deep retracement and guys as I already mentioned the invalidation of bull count will be Break Out Below this bottom and uh I have to admit that my main count is still the same we have to land lower we have to land uh uh our fifth wave to complete the entire structure on a bigger scale that is why don’t be in a hurry and do not enter your long position right here because even if we are still bullish the movement to the upside doesn’t have enough momentum that is why most likely we still have to see at least a retracement and uh then we have to take a look on the crucial levels of the price section so I think that’s all information that I want to provide you if you like my video please hit the like button and subscribe to my Channel with notification Bell and see you guys and girls next time bye I got the cash in the rockar in this up on the attack baby I’m bad I just want to get it caught up in this life I’m crazy I’m bad doing no car only God wants you better go live it up

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ProShares Ultra Bloomberg Natural Gas is an exchange traded fund launched by ProShare Capital Management LLC. The fund is co-managed by ProFund Advisors LLC and ProShare Advisors LLC. The fund invests in the commodity markets. It takes long positions and uses derivatives to invest in natural gas sector. It uses derivatives such as futures to create its portfolio. The fund seeks to track 2x the daily performance of the Bloomberg Natural Gas Subindex. ProShares Trust II – ProShares Ultra Bloomberg Natural Gas was formed on October 4, 2011 and is domiciled in the United States. In this BOIL Stock Analysis video, we discuss swing trading and investing in the company. We analyze the 55 EMA (Exponential Moving average), MACD (Moving Average Convergence Divergence), RSI (Relative Strength Index), bullish and bearish trends, technical analysis chart patterns, and potential entry and exit points for traders and investors.

Timecodes:
0:00 Intro
0:12 Fundamental Analysis
5:00 Technical Analysis

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