Pure Fuel Worth Weekly Forecast: Weakening Downtrend Transfer, Assist in Focus

Pure Fuel Technical Outlook

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Pure Fuel – Multi Month Low

Final week, pure fuel tumbled to $2.078 – its lowest degree in practically 5 months. On Friday, the weekly candlestick closed within the pink with over loss.

This week, the Relative Energy Index (RSI) remained flat under 50 reflecting a paused downtrend transfer.

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Nat-Fuel DAILY Worth CHART (Could 15, 2018 – JAN 9, 2020) Zoomed Out

Natural Gas Daily price chart 09-01-20 Zoomed out

Nat-Fuel DAILY Worth CHART (Sep 27 – JAN 9, 2020) Zoomed IN

Natural Gas Daily price chart 09-01-20 Zoomed in

Wanting on the day by day chart, we discover since Monday Pure fuel has been buying and selling in a better buying and selling zone $2.141 – $2.209. The value failed twice this week to say no to the decrease zone, highlighting vendor’s hesitation.

A detailed above the excessive finish of the zone may lead extra sellers to exit the market. This may occasionally open the door for patrons to take cost and rally the worth in direction of $2.473. In that state of affairs, the weekly resistance ranges marked on the chart must be thought-about as some market members may exit at these factors.

However, an in depth under the low finish might embolden sellers to steer the worth in direction of $2.034. Additional shut under this degree would possibly imply extra bearishness in direction of $1.915. That stated the two.000 deal with with the weekly assist degree underlined on the chart could be value monitoring.

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Pure Fuel value 4-Hour PRICE CHART (Nov 5 – JAN 9, 2020)

Natural Gas Four Hour price chart 09-01-20

From the four- hour chart, we discover on Dec 31 pure fuel resumed bearish value motion and created a decrease low at $2.078. This week, the worth has corrected its downtrend transfer and created a better low at $2.103 .At present, nat fuel might be on its solution to check the downtrend line originated from the Dec 5 excessive at $2.452.

Thus, a break above $2.225 might trigger a rally in direction of $2.318. Though, the weekly resistance degree underlined on the chart must be saved in focus. On the flip aspect, a break under $2.078 may ship the worth in direction of $2.034. But, the weekly assist degree underscored om the chart must be watched intently.

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Written By: Mahmoud Alkudsi

Please be happy to contact me on Twitter: @Malkudsi

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