Prices of natural gas seem to have broken above the critical resistance zone at $3.00 per MMBtu with a certain conviction on Thursday.
Considering advanced prints from CME Group for natural gas futures markets, open interest extended the uptrend and rose by around 18.2K contracts on Thursday. In the same line, volume went up for the fourth session in a row, this time by around 164.1K contracts.
Natural Gas: Next on the upside comes $4.00
Prices of natural gas seem to have broken above the critical resistance zone at $3.00 per MMBtu with a certain conviction on Thursday. The move was accompanied by increasing open interest and volume and favors the continuation of the rebound in the very near term. That said, the $4.00 mark per MMBtu is expected to come next for bulls.
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