Chart of the Day - Friday, September 23, 2024

🏆 Today's Chart of the Day was shared by Steve Strazza (@sstrazza).
 

• Natural Gas has been one of the strongest commodities over the past month. After rising for four consecutive weeks, it jumped +7.4% on Monday, putting it on track for its longest weekly winning streak in two years.
   
• September and October have historically been the strongest months for Natural Gas (since 1991). It's currently up +22.4% month-to-date, with another week remaining. 
   
• It has been in a sharp downtrend since August 2022, dropping over -70%. Steve points out that Natty Gas is bottoming where it bottomed in 2016 and 2020. Momentum is also flashing a buy signal as the monthly MACD has seen a bullish crossover recently.  
   

Takeaway: Natty Gas is bottoming at a long-term support level after a nasty two-year downtrend. The long-term trend is turning higher, and momentum has confirmed a reversal. Click here to read the full note from Steve.