Natural Gas (NG1!) has been in a strong downtrend for the entirety of 2023, with the 1D MA50 (represented by a blue trendline) acting as a key resistance level. This downward momentum has led traders to focus on two major support levels, Support 2 and Support 3, as potential targets for the price movement.
The 1D Relative Strength Index (RSI) is nearing oversold territory, which suggests a short-term rebound could occur, similar to previous instances. However, any such rebound is expected to be brief, offering only a short-lived opportunity for traders.
The next price targets identified for Natural Gas are 2.215 and 1.880. These levels are being closely watched as the downtrend continues to dominate the market.