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Fitch: The financial position of gas operators in Asia Pacific remains strong.On September 11th, the State Council Information Office held a press conference this morning on the theme of "High-Quality Completion of the 14th Five-Year Plan," highlighting the achievements of health care during the 14th Five-Year Plan period. According to the report, from 2020 to 2024, the number of primary healthcare institutions will increase from 970,000 to 1.04 million, the number of healthcare personnel will increase from 4.34 million to 5.26 million, and the number of medical consultations will increase from 4.1 billion to 5.3 billion.On September 11th, UBS published a report stating that Pop Mart (09992.HK)s share price has fallen approximately 19% from its recent high. The bank attributes this primarily to three factors: profit-taking following its inclusion in the Hang Seng Index, weakening secondary market prices for some products, and a decline in global Google search trends. Its worth noting that the bank has observed similar trends before, but these developments havent altered its positive outlook on Pop Marts fundamentals. UBS believes that Pop Marts current share price correction is creating buying opportunities ahead of anticipated short-term catalysts, including the launch of new Halloween products and its 15th anniversary collection, as well as the crucial Christmas sales season. The bank reiterated its Buy rating on the stock with a target price of HK$432.On September 11th, South Korean President Lee Jae-myung stated that he saw no need to persist with a previously proposed plan to expand the scope of capital gains tax. At a press conference on Thursday, Lee mentioned that the formal proposal, presented at the end of July, would have lowered the capital gains tax threshold from 5 billion won (approximately $720,000) to 1 billion won, raising questions about the governments commitment to reviving the stock market. "Some seem to see this as a litmus test of whether we are truly committed to policies to revive the stock market," Lee said. "If thats the case, I dont think its necessary to persist to the end. I will submit this issue to the National Assembly for review." The original proposal had caused a sharp drop in South Korean stocks and faced strong opposition from retail investors. Following Lees remarks, the Kospi index rose as much as 0.9% during intraday trading on Thursday before retreating. The index had reached a record closing high the previous day, partly due to market expectations that the government would abandon the tax increase proposal.South Korean President Lee Jae-myung: A trade agreement with the United States will be signed when there are reasonable results.

Natural Gas Price Futures (NG) Technical Analysis - Strengthens Above $8.085, Fails Below $7.786

Alina Haynes

May 16, 2022 11:10

 截屏2022-05-16 上午10.21.48.png

 

On Friday, U.S. natural gas futures settled lower due to projections of milder temperatures and reduced demand over the next two weeks.

 

A decrease of 3 percent in European gas futures also weighed on prices. As a result of sanctions and the closure of a pipeline in Ukraine, Russia's exports have decreased, which explains Europe's weakness.

 

Futures contracts for natural gas in July settled on Friday at $7.765, down $0.070, or 0.89 percent. The United States Natural Gas Fund ETF (UNG) closed the day at $26.27, down $0.21, or -0.79%.

 

In yet another unexpected turn of events, U.S. prices plummeted despite the fact that Texas is preparing for a heat wave that will increase demand for electricity to run air conditioners early the following week.

Technical Analysis of Daily Swing Chart

According to the daily swing chart, the primary trend is to the downside. Last week, sellers broke a pair of major bottoms at $6.919 and $6.557, reversing the trend.

 

A transaction above $6.521 will indicate a continuation of the downturn. A rise above $9.052 will result in a transition to an upward trend.

 

The range for the next month is $9.052 to $6.521. Its retracement zone between $7.786 and $8.085 halted Friday's rebound at $8.022.

 

The primary range is $3.515-2.052 The important support zone is between $6.283 and $5.630, which is the retracement zone.

Technical Forecast

The trajectory of the July natural gas futures market will be dictated by traders' reactions to $7.786 at the start of trading on Monday.

Positive Scenario 

A prolonged advance above $7.786 will show buyer presence. The initial upside objective is a short-term Fibonacci level located at $8.085. This is a potential trigger for an acceleration to the upside, with $9.052 being the probable next upside objective.

Bearish Prediction

A persistent move below $7.786 will indicate the existence of sellers. If this move develops sufficient momentum to the downside, then watch for the selling to extend to a minor pivot at $7.272.

 

Be on the lookout for a technical rebound on the initial test of $7.272 as countertrend buyers attempt to construct a potentially bullish secondary higher bottom. If this level fails as support, selling might extend to the major support level at $6.521, followed by the retracement zone target of $6.283 to $5.630.


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