PSV NATURAL GAS MONTH Futures Prepare for Next Move Amid Inventory Report
Natural gas futures are setting up for their next move as traders await Thursday's inventory report. So far this month, there have been two bearish reports and one bullish report.
The price action in July has followed a bearish trend and is likely to continue downward, according to Trading-Capital8. The Natural gas futures chart shows major monthly support around $2.50, but the daily and weekly charts have only minor support at current levels.
Trading-Capital8 is personally waiting for lower prices before buying up this commodity, citing concerns about Thursday's report coming in weak. If that happens, it could push the price even further down.