CME Group preliminary data for the Natural Gas futures markets indicated that traders trimmed their open interest positions for the third consecutive session on Tuesday, this time by about 16,500 contracts. On the other hand, volume rose sharply by more than 184,000 contracts after four consecutive daily declines.
Natural Gas: The next resistance is around $3.00
Natural Gas prices extended the bullish trend on Tuesday amid declining open interest, leaving open door to a corrective movement in the very short term. However, the sharp increase in volume could allow the continuation of the uptrend. As for the bulls, the level of $3.00 per MMBtu remains the main obstacle for the bulls for the moment.
Source: Fx Street
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