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The price for natural gas found support in the 5.35/5.60 zone at the start of July. The event was followed by a sharp surge up to the late May and early June high level zone at 9.45/9.67. On July 26, the price bounced off the resistance zone and retreated to 8.50.
In the case of the commodity price declining, round price levels like the 8.00 and 7.50 are expected to act as support. In addition, note the 50-day simple moving average near 7.35. The simple moving average has acted as support and resistance during the recent months.
However, a surge of the price would have to pass the 9.45/9.67 zone, before the 10.00 mark is tested as resistance.
Thu, 28 Jul 2022 09:18:18 GMT
Source: Dukascopy Bank SA
The price for natural gas found support in the 5.35/5.60 zone at the start of July. The event was followed by a sharp surge up to the late May and early June high level zone at 9.45/9.67. On July 26, the price bounced off the resistance zone and retreated to 8.50.
In the case of the commodity price declining, round price levels like the 8.00 and 7.50 are expected to act as support. In addition, note the 50-day simple moving average near 7.35. The simple moving average has acted as support and resistance during the recent months.
However, a surge of the price would have to pass the 9.45/9.67 zone, before the 10.00 mark is tested as resistance.