Natural Gas Bears Eye $1.900 Target Amid Downtrend
Natural Gas is currently in a downtrend on its weekly technical outlook, with bearish signals across various indicators. The Relative Strength Index (RSI) stands at 43.363, while the Moving Average Convergence Divergence (MACD) shows a value of -0.246. Additionally, the Average Directional Index (ADX) is at 31.164, indicating a strong downtrend in the market.
The long-term trend for Natural Gas has been bearish since late January, with a very wide Rectangle pattern forming on its macro chart since late 2009. Currently, the market is trading below its middle level but still within this range. It's worth noting that historically, Natural Gas prices have hit at least $1.900 since 2012.
This level represents a key technical target for traders, and it remains to be seen whether the current downtrend will continue or reverse course.