Natural Gas Heads into Inventory Report with Bearish Trend in Place

Natural gas is setting up its next move as it approaches an upcoming Thursday inventory report. So far in July, there have been two bearish reports and one bullish report for the month. The price action has followed a bearish trend throughout July, suggesting it may see more of the same. However, there are some key support levels to consider - the monthly chart shows major support around $2.50.

The daily and weekly charts also have minor support at current levels, but they might not hold up if the Thursday report comes in weakly. Trading-Capital8 is personally waiting for a lower price before buying into the commodity, suggesting that patience may be necessary for investors.