It may be too soon to conclude that the worst for US natural gas prices is over. But a minor rebound or an extended range is plausible in the interim. What are the levels to watch? Get your market update from JaradiManish here:
It may be too soon to conclude that the worst for US natural gas prices is over. But a minor rebound or an extended range is plausible in the interim.
To be sure, beyond the hourly timeframes, the trend remains down across multiple timeframes. Indeed, as a , a major double-top pattern triggered at the end of last year points to further downside, potentially toward the 2020 low of around 1.45 .Moreover, zooming in on the 240-minute charts, there is very little evidence to suggest that natural gas prices are reversing their bearish course. However, tentative signs of an extended consolidation have started to emerge recently.
As the 240-minute chart shows, natural gas has been in a sideway range of 2.35-2.65 since the start of the month. Any break above the immediate barrier at 2.65-2.75 could pave the way toward the 200-period moving average .
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