Natural gas technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
A large descending wedge pattern, which has been compressing the price for over three weeks and suggests a significant breakout is imminent. This consolidation is occurring within a strong underlying downtrend, a sentiment confirmed by the price trading well below its key moving averages and the RSI remaining under its 50 midline.



The weakness of any recovery attempt was recently highlighted when a rally failed at the first major Fibonacci retracement level at 3.066. Currently, the price is being squeezed into the apex of this pattern right above the critical support at 2.8930.
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