Natural Gas Price Action Points to More Bearish Trend Ahead

Natural gas is gearing up for its next move as traders await Thursday's inventory report. According to Trading-Capital, the market has seen two bearish reports and one bullish report so far this month in July.

The price action for the month has followed a bearish trend, suggesting that more downward pressure may be on the way. The daily and weekly charts show minor support at current levels, but Trading-Capital is not confident it will hold up to a weak Thursday report.

The Natural gas futures chart shows major monthly support around $2.50, which could provide a buying opportunity for traders waiting for lower prices. Trading-Capital is personally waiting for a lower price before purchasing the commodity.