Chart of the Day - Wednesday, August 9, 2023

Today’s Chart of the Day was shared by Eric Conrads (@conradseric). Natty Gas is heating up along with the rest of the Energy space. It had its best day since June today, rising +6.55% to a five-month high. Natural Gas dropped like a rock at the beginning of the year before reaching a low in April. Conrad points out that it's been trending higher all Summer, and today's breakout occurred on the highest volume in over a year. It's testing resistance, around $3.00, which was created by the false breakout in March. A break above $3.00 would open the door for a potential rally to the October lows, around $5.00.