Natural Gas looks for direction

Source: Dukascopy Bank SA


The price for natural gas declined more sharply than expected, as the price broke the previous channel down pattern. The decline eventually stopped and the commodity began to trade sideways.

In general, note three facts. The channel down pattern's lower trend line was revealed to be lower. The rate finds support in a support zone at 3.5170/3.5800. Meanwhile, resistance is being provided by 4.1600/4.2320.

Most recently, the price for gas reached the 4.1600/4.2320 resistance zone. A passing of the zone might immediately be stopped by the combined resistance of the upper trend line of the channel down pattern and the 50-day simple moving average near 4.3000.

On the other hand, a bounce off from the resistance zone might result in the price once again reaching and looking for support in the 3.5170/3.5800 zone, before the price tests the 3.5000 mark.
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