The 200SMA and the static price level where the gap was opened increased selling pressure and prices reduced their daily range compared the volatility seen last month.
below the most recent low 3.6 Natgas could drop to test its 61.8% Fibonacci retracement near 3.42.
If a breakout above 4 will materialize then is likely to see a rally to test its 21SMA and 55EMA.
The market for the commodity is bearish given that it fell more than 40% from its 2021 top and the latest 2 weeks of price action confirmed the downtrend.
below the most recent low 3.6 Natgas could drop to test its 61.8% Fibonacci retracement near 3.42.
If a breakout above 4 will materialize then is likely to see a rally to test its 21SMA and 55EMA.
The market for the commodity is bearish given that it fell more than 40% from its 2021 top and the latest 2 weeks of price action confirmed the downtrend.