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September 10, 2024
NEWS: Natural gas prices increased by 4.1% following reports that Henry Hub futures indicate U.S. natural gas prices could average $3.20 per million British thermal units (MMBtu) next year.
Possible Scenarios:
If Natural Gas fails to breach through R2 of 2.256, our Research Department expects the Natural Gas to undergo a short- term downward correction.
If Natural Gas manages to break above its R2 of 2.256, our Research Department expects the Natural Gas to extend its gains to its R3 of 2.294.
Support and Resistance Levels:
|
Natural Gas |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
|
2.042 |
2.080 |
2.118 |
2.168 |
2.218 |
2.256 |
2.294 |
Potential Profit or Potential Loss Calculations:
|
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
|
(+/-) $100 |
(+/-) €90.65 |
(+/-) £76.38 |
*1 trading lot is equivalent of 10000 units
**EUR/USD = 1.10316
***GBP/USD = 1.30918
Calculations for exchange rate used as of Tuesday, September 10, 2024, 14:09