Are you keeping a close eye on the natural gas market? If so, you’ll want to pay attention to some key indicators that can help you make informed trading decisions. Here at Extreme Investor Network, we provide valuable insights into the stock market, trading, and Wall Street to help you stay ahead of the game.
One important factor to watch for is a break below the 2.00 level, which could signal a continuation of the current bearish trend. If this happens, natural gas prices could potentially drop to the next support zone at 1.92, based on the 78.6% Fibonacci retracement level. Keep an eye on the 1.94 price area as well, as it may now act as a support level after previously being resistance.
In addition, it’s worth noting that support was seen at 1.91 in May, marking a three-month low. If prices fall below this level, it could trigger a monthly bearish signal and signal a potential move towards the 1.85 to 1.80 support zone. Stay alert for any further downward moves in the market.
Furthermore, a bearish signal was triggered recently as natural gas prices surpassed last week’s low of 2.015. This could indicate a continuation of the bearish trend, especially if prices remain weak and close near the lows of the current week’s trading range. Watch for a potential break below last week’s low as an additional bearish confirmation.
On the flip side, a rally above today’s high of 2.08 could signal strength in the market and a potential reversal of the current downtrend. If natural gas prices manage to hold above the 2.00 support level and show increased demand, we could see a move towards the 20-Day MA at 2.26 and this week’s high of 2.27.
Stay tuned for more updates and analysis on the stock market, trading, and Wall Street here at Extreme Investor Network. We strive to provide you with unique and valuable insights to help you navigate the ever-changing world of finance. Keep an eye on these key indicators in the natural gas market and make informed decisions for your investment portfolio.