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- Natural Gas Price Analysis: Bulls step in but face wall of resistance
Natural Gas Price Analysis: Bulls step in but face wall of resistance
- Nat-gas bears remain in control on the front side of the bearish trend.
- Bulls coming up for air but will face resistance in the correction.
Nat-gas on Thursday fell sharply to a 1-month low as the following technical analysis will illustrate. The commodity is under pressure due to ample supplies and mild US temperatures.
A weekly EIA storage report was also bearish, as it showed a 110 billion cubic feet injection that topped both forecasts and averages, and kept an inventory surplus a beefy 17% above normal.
The recent move below 2.234 is leaving the door open for further downside as follows:
NatGas H4 charts
The market is still very much front side of the bearish trendlines and heading toward 2.091. However, a meanwhile correction could be on the cards:
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