Natural Gas Technical Analysis: Is more upside granted?
Natural Gas prices might have staged a very solid rally on Thursday, but it looks like this won’t be enough to avoid a weekly loss. Natural Gas prices are expected to remain very sensitive on any geopolitical headline on the Red Sea, Gaza, or Ukraine. Still, the downtrend looks intact for now and more downside is set to build on Gas prices.
On the upside, the key $2.00 level needs to be regained first. The next key level is the historic pivotal point at $2.12, which falls in line with the 55-day Simple Moving Average (SMA) at $2.13. Should Gas prices pop up in that region, a broad area opens up with the first cap at the red descending trend line near $2.40.
On the downside, multi-year lows are nearby with $1.65 as the first line in the sand. This year’s low at $1.60 needs to be kept an eye on as well. Once a new low for the year is printed, keep an eye on $1.53 as the next supportive area
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