Natural Gas Technical Analysis: Easing in two speeds
Natural Gas is bound to ease a little with flows from the US Freeport plant coming back online, adding to US export volumes, which were tighter these past few weeks. Meanwhile, Europe will see its reserves holding up this week with a warm front coming in. This should at least open some room for a bit of easing in Gas prices, which is already taking place in the European Gas market, while the US market needs to catch up.
On the upside, the blue line at $2.11, the 2023 low, and the 100-day Simple Moving Average (SMA) at $2.10 are acting as a resistance. Further up, the next level to watch is the January 25 high at $2.33.
On the other side, the $2.00 handle has worked as nearby support for now. Further down, a trifecta of support is formed at $1.88, with the ascending and descending trend lines crossing and the 55-day SMA. Should that level break, expect a quick downward movement to the year-to-date low at $1.60.
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