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Natural Gas Forecast: Price Faces a Key Resistance Level

Natural Gas Forecast: Price Faces a Key Resistance Level

2020-08-04 16:00:00
Mahmoud Alkudsi, Analyst
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Natural Gas Technical Outlook

  • Natural gas price climbed to a multi-week high
  • Positive outlook while above $2,139

Natural Gas Price – Indecisive Traders

Last week, natural gas hit a three-week high of $1,941 then retreated after as some bulls seemed to cut back. Ultimately, the price closed with a Doji pattern signaling bull’s indecision.

Alongside that, the Relative Strength Index (RSI) declined from 61 to 51 indicating that bulls were in losing momentum.

Nat-Gas DAILY Price CHART (Dec 2, 2018 – August 4, 2020) Zoomed Out

Natural gas daily price chart 04-08-20 zoomed out
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Natural Gas DAILY Price CHART (June 19 – August 4, 2020) Zoomed IN

Natural gas daily price chart 04-08-20 zoomed in

Yesterday, natural gas opened with an upward breakaway gap indicating that bullish momentum remained intact. The price rallied after to the current $2,050 - $2,139 trading zone then printed a near three-month high at $2,180.

A daily close above the high end of the current trading zone could encourage bulls to extend the rally towards the monthly resistance level at $2,296 (June 2016 low).

On the other hand, a failure in closing above the high end of the zone reflects bull’s hesitation and may guide the price’s fall towards the low end of the zone (March 2016 high).

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Natural Gas price Four-Hour PRICE CHART (JULY 7 – August 4, 2020)

natural gas four hour price chart 04-08-20

Yesterday, natural gas traded above the bullish trendline support originated from the July 23 low at $1,709allowing bulls to rouse momentum.

To conclude, while bullish bias remains in place a break below the aforementioned upward trendline highlights a weaker bullish sentiment. Therefore, a break below $1,984 could send the price towards $1,927, while a break above $2,225 may cause a rally towards $2,267. As such, the support and resistance levels underscored on the four-hour chart should be kept in focus.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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