During today's session, we have seen increased volatility not only in the stock market, but also in the commodities market. Due to the discount on the main stock indices, oil and gas quotations moved dynamically downwards in the first half of the day. However, at present, the losses on OIL have been clearly limited and NATGAS even managed to come out on a solid positive note. The price of NATGAS moved dynamically upwards after 14:00, which may be related to the USD, which began to weaken against the major currencies. Apart from this, it is important to pay attention to the latest US weather forecasts, which include the likelihood of lower than average temperatures for the week of 20-26 March.
The latest weather data from the US point to cooling. Source: Bloomberg
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Open account Try demo Download mobile app Download mobile appLooking technically at the chart on the H4 interval, the stock bounced off an important support zone in the $2.35 area, before managing to move above the EMA50 average. Looking historically at the behavior of the price, it is possible that a larger corrective movement could be triggered if the price stays above the aforementioned average. Considering such a scenario, even a move towards $3.00, where the maximum of 3 March falls, would not be excluded
Source: xStation5
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