Gas Market Overview: Volatility and Divergence in 24-Hour Chart

• Gas opened at $3.402 and closed at $3.410, with a 24-hour high of $3.426 and low of $3.336.
• Momentum shifted toward bearish pressure overnight but reversed into bullish momentum during the AM-Asia session.
• Volatility expanded significantly after 00:00 ET, with turnover spiking above average.
• A large bearish engulfing pattern formed between 00:00 and 00:15 ET, followed by a bullish rebound from 03:30 to 06:00 ET.
• RSI hit oversold levels in the early morning but rebounded with strong volume, indicating potential short-term reversal.

Gas opened at $3.402 on 2025-08-16 at 12:00 ET and closed at $3.410 at 12:00 ET on 2025-08-17. The 24-hour high was $3.426, and the low was $3.336. Total trading volume was 197,389.8 units, with a notional turnover of $668,752.50 (assuming $amount reflects notional value).

Structure & Formations

Gas showed two significant turning points during the 24-hour window. A bearish engulfing pattern formed after 00:00 ET, with the close of $3.372 significantly below the open of $3.413. This was followed by a strong bullish rebound beginning around 03:30 ET, where price moved above $3.350 and continued higher through the day, forming a series of higher highs and higher lows. A key support level appears to have been established near $3.350, with resistance building at $3.406 and $3.426.

Moving Averages

On the 15-minute chart, the 20-period MA moved above the 50-period MA around 05:00 ET, confirming a shift in near-term bias toward bullish momentum. On the daily chart, the 50-period MA is below the 100 and 200-period MAs, indicating a medium-term bearish bias that may persist into the next 24 hours unless price holds above $3.400.

MACD & RSI

The MACD turned positive after 03:00 ET and remained above the signal line for much of the day, suggesting sustained bullish momentum. RSI moved into oversold territory at $3.336 but rebounded strongly, reaching overbought territory around $3.410. This suggests potential for a retracement or consolidation, but also highlights the aggressive buying pressure seen during the day.

Bollinger Bands

Bollinger Bands expanded significantly after the bearish engulfing candle on 00:00–00:15 ET, indicating increased volatility. Price spent most of the day trading within the upper half of the bands, with a notable contraction observed in the 06:00–08:00 ET period. The current price of $3.410 is approaching the upper band, suggesting potential overbought conditions and a likely pullback.

Volume & Turnover

Volume spiked dramatically after 00:00 ET, with the 00:00–00:15 ET candle alone accounting for over 75,000 units traded. This divergence between the large price drop and strong volume signaled a potential reversal. Later in the day, volume remained elevated but less concentrated, supporting the idea of a sustained bullish move. Notional turnover confirmed the strength of the morning rebound, with a sharp increase in buying activity from 03:30 to 06:00 ET.

Fibonacci Retracements

Key Fibonacci levels from the recent $3.336 to $3.426 swing suggest that $3.405 and $3.384 are critical levels to watch. Price has bounced off the 61.8% retracement level at $3.384 and is now testing the 78.6% level at $3.405. A close above $3.405 would suggest a potential move toward $3.426, while a break below $3.384 could trigger a retest of the $3.350 support level.

Gas appears to be in a corrective phase with mixed signals. While short-term momentum favors the bulls, the broader trend remains bearish. Investors should monitor the $3.405 and $3.384 levels for signs of continuation or reversal. A failure to hold above $3.384 in the next 24 hours may trigger renewed selling pressure, with a risk of a retest of the $3.336 level.