Natural Gas (NG) hovers at $1.9880, marking a minor downtrend of 0.35%, revealing investor caution amidst volatile energy markets. The commodity’s proximity to a pivotal $1.9506 suggests potential volatility, with resistance levels at $2.0287, $2.0841, and $2.1346 posing significant thresholds for bullish momentum.
Support echelons at $1.8604, $1.8016, and $1.7257 provide cushions against further declines. The 50-day EMA at $1.8874 aligns closely with current levels, indicating underlying support.
The market’s stance is bullish above $1.9506; however, descending beneath this juncture could precipitate a notable sell-off, underscoring the crucial balance between supply expectations and demand shifts.
These levels signify potential turning points for bullish advancement. On the downside, support lies at $76.81, followed by $75.82 and an unusual adjustment at $75.93, offering floors against dips. The 50-day EMA stands at $78.37, closely shadowed by the price, indicating a sustained bullish inclination above $77.96.
However, dipping below this pivot could initiate a downward trajectory, highlighting the delicate balance between supply concerns and market optimism.
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.