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Natural Gas:Correction Direction

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The week began with a positive gap for the asset. The last time such a gap was seen in futures: expiring in March, was in the middle of January. Then the gas adjusted to $ 3.400 per million British thermal units. Given that at the end of last week the 9-month low was updated ($ 2.550), we can talk about the beginning of a new bullish correction. Bulls have not advanced much yet and are trying to pass $ 2.700.

The local fundamental cause for growth is an unexpectedly strong cyclone in the center of the northern part of the United States. This phenomenon cannot reverse the medium-term direction of trade, but can serve as a driver for local growth. Spring will come soon and market participants will most likely not increase their winter position.

Based on this, we can assume that with a successful set of circumstances, buyers can try to test the $2.800-2.850 area, but after that the overall bearish trend is likely to continue.

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Source: https://olymptrade.com/
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