Natural gas reaches August levels

Source: Dukascopy Bank SA


During Wednesday's European trading hours, the price for Natural gas extended its decline, as it reached below the 4.4000 mark. Gas prices have plummeted nearly 33.50% since the high level booked on October 6.

From a technical analysis perspective, the daily candle chart of the commodity price reveals that the price has been declining in a channel down pattern since late October. Meanwhile, the rate was heading to a support and resistance zone, which impacted the rate three times in August. Namely, the 4.1530/4.2330 zone impacted the price.

In the near term future, the price is highly likely going to test the support of the 4.1530/4.2330 zone and the lower trend line of the channel down pattern.

A passing of this level could result in the rate looking for support in the 4.0000 mark and the 200-day simple moving average. Below this level, the price might find support in the August low and July high level zone near 3.7500/3.8200.

On the other hand, a recovery of the price would most likely find resistance in the previously passed zone at 4.7250/4.8400 and the upper trend line of the channel down pattern. In addition, note the 50-day simple moving average near 5.3500.
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