Natural gas reaches September low level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


By the start of Tuesday's US trading hours, the price for Natural Gas had almost plummeted by 7.50%, as it reached the October 21 low level at $5.050. During this year, the price for natural gas surged by almost 165.00%, as demand increased due to various disruptions in the energy sector. However, the price has not booked new high levels since early October. Since October 6, the price has been booking lower low and lower high levels.

On Wednesday, the rate extended its decline and reached the September low level. Due to that reason, a proper review of the technical chart is being conducted.

First of all, since October 22, the price has been trading in the borders of a channel down pattern. Secondly, the rate has by large ignored the 50 and 200-four hour simple moving averages, despite them providing short term support and resistance.

Last but not least, the price is finding support in the 4.7250/4.8400 zone. The zone consists of early and late September high and low levels. The price initially found resistance at this zone, but later in the month rebounded of it as a support.

In the case that the price passes the 4.7250/4.8400 zone, it could look for support in the 4.6000 mark and the lower trend line of the channel down pattern. Below the 4.6000 mark, a zone of August high levels might provide support at 4.1625/4.2300.

On the other hand, a recovery of natural gas price could find resistance in the early November low level near 5.2000, before aiming at the combined resistance of the 50 and 200-four hour simple moving averages and the upper trend line of the channel down pattern.
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