Technical Forecast for Natural Gas
Natural Gas continued lower as expected & got very close to a retest of recent lows at 3.531/526. We saw a good bounce from 3.546 leaving a double bottom in place & this should now see today’s outlook more positive. We face resistance at 3.692/701 but above here we can run up towards 3.754, perhaps as far as 3.785. Bear in mind the 200 day moving average at 3.682, so a close above here today should keep the outlook positive for the rest of the week.
Support at 3.634 may offer a buying opportunity but a break lower could target 3.577/574 then yesterday’s low of 3.546 before June lows at 3.526.
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