Natural Gas: Exhaustion Likely To Grow
NG
-1.28%
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Natural Gas futures are still in the grip of bears as the weather looks quite in their favor.
Only a sustainable move above $6.4 could generate some hopes for futures as the downside could be more as the weather looks quite supportive for bears.
Undoubtedly, the current slide is still steeper since October 14, 2022 as bears are in thick number above $6 is still a psychological resistance for traders.
Natural Gas Futures Weekly Chart
On a weekly chart, futures have witness the formation of a ‘Exhaustive Candle’ confirms the advent of selling spree from October 14, 2022.
A breakdown below $5.7 will be the second confirmation of the growing weakness that may continue till this weekly closing.
Moreover, the formation of a ‘Bearish Crossover’ with a downward move by the 9 DMA below the 26 DMA confirms a long-term breakdown that could drag-down the price to much lower levels until year-end.
Natural Gas Futures Daily Chart
On a daily chart, the price is trading much below the 200 DMA since the formation of extra-ordinary ‘Bearish Crossover’. A breakdown by the 9DMA and 26 DMA below 200 DMA looks evident enough to attract seller on every bounce above $6.068.
Finally, the current position of the price, at the time of writing, at $5.757 confirms that the fall looks quite steep as the demand could remain weak during the upcoming week.
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