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Natural gas has fallen roughly 30% since the start of September, and has now landed on a daily trend line. Taking a look at the last couple of weeks of price action, natural gas has been consolidating between $6.5 to $7.3 for the last 3 weeks as it decides on the next move.
Analysing the area that natural gas is currently sitting on, there is a major daily support/resistance area between $6.4 to $6.6 as seen below, highlighted in yellow:
As natural gas bounces between the daily consolidation range, a break above the range (marked with a black horizontal line) could indicate a move to the upside, where the next resistance level is around $7.55, however if natural gas breaks below the trend line, the next support sits around $6.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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