Commodities
Natural Gas Price Tests Key Support Levels Amid Rising Channel
Natural gas futures are facing a key test of support at $2.83, $2.86, but its rising channel remains intact.
The short-term trend is currently weakening, with natural gas trading near the lows of the day and potentially breaking below the 20-day moving average.
This could lead to a deeper pullback within the larger bullish structure, which has been defined by a rising trend channel since its confirmation by two points.
The lower boundary of this channel serves as a potential downside target if support is broken, and it's getting closer to price action due to the falling 50-day moving average.