Natural gas: Price Outlook
Natural gas has to hold above $2.03 to avoid another plunge to sub-$2 levels,
“Gas bulls don’t appear ready yet to mark a bullish rebound, with the week-long price action lacking any significant moves, except for a pause in decline,” Dixit added.
“Sustainability below $2.27 indicates chances of a further consolidation towards the $2.13 support. Any sustained break below that risks a drop to $2.03, followed by a reach for the $1.944 horizontal support zone.”
He said the 100-Day SMA of $2.40 held the key for upward mobility towards the resistance zone set by the 5-month EMA, or Exponential Moving Average, of $2.67, which is closely followed by a swing high of $2.685.
