Natural Gas confirms 2021 high levels as support

Source: Dukascopy Bank SA


The surge of the price for natural gas continued throughout April, as the commodity passed above previous high levels and hit levels not seen since 2008. After shortly trading above the 8.0000 mark on April 17, the price retraced to the 2021 high level zone and confirmed it as support.

During late April trading, the price of gas started a recovery, which appeared to be encountering resistance in round price levels like the 7.000 and 7.5000. In general, these levels could continue to act as resistance.

A potential decline of the commodity price might look for support in the 2021 high level zone at 6.3225/6.4850. Below the zone, take into account the 50-day simple moving average near the 5.8000 mark.

Meanwhile, a resumption of the surge could encounter resistance in round price levels, before approaching the 2001, 2003, 2005 and 2008 high levels.
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