Natural gas prices declined sharply over the week as robust injections into underground storage eased earlier concerns about supply tightness. Expectations of cooler-than-average weather across key regions further reduced demand for power generation, despite initial forecasts of seasonal heat. Together, strong storage builds and weaker weather-driven demand weighed heavily on prices across major hubs.
Natural gas price has continued its downside trend over the course of the week, declined by -11.39% and managed to close on a negative note at 268.40. Price has closed below all its key moving averages i.e. 50, 100 and 200-DEMA levels placed at 297.50, 300.70 and 289.90 respectively. Here, on Daily chart, we can observe a Head & Shoulder formation on Daily chart which having its neckline support around 265 level. Daily SAR is placed on the opposite side at 306.90 which will be crucial resistance. RSI indicators are below 50 levels on Daily as well as Weekly chart which indicates bearish biasness in Natural gas price.
A decisive breakdown below the immediate support level will lead Natural gas price further down towards 240 level in upcoming sessions. We are expecting Sideways-to-Bearish trend and traders may look forward for Sell-on-rise opportunity.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
240 | 264.90 | 268.40 | 280 | 297.50 |
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Prediction given by Technical Research Team - Choice