Natural gas rally loses momentum
The natural gas rally, which has been ongoing, saw a setback on Friday as it failed to maintain its high for the week.
Technical Analysis
For sellers, a close below 2442.00, the 100-day simple moving average (SMA), could indicate a short-term retracement. To signal a more bearish outlook in the medium-term, a drop below 2300.00 would be needed.
On the flip side, closing above the May low of 2532.00 would reinforce the bullish sentiment.
It’s important for traders in the natural gas market to closely monitor these key levels to gauge the strength of the current trend.
Market Factors
Additional insight: Market participants should also pay attention to factors such as weather forecasts, supply and demand dynamics, and geopolitical issues that could impact the price of natural gas.
