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Natural gas prices are setting up for the worst week since late January, with prices testing key moving averages on the daily and 4-hour setting as key support.
Natural gas prices abruptly reversed lower on Monday as a milder US weather outlook plunged the commodity the most since June 2022. A bearish Rising Wedge breakout is now in play.
Natural gas prices rallied over 18% last week, the most since the middle of July. While the near-term technical outlook remains bullish, the broader picture holds bearish.
Natural gas prices are struggling to maintain near-term upside momentum with the emergence of a Doji candlestick. Meanwhile, a bearish Rising Wedge formation continues to brew.
Natural gas prices have been aiming as of late. Still, you will find plenty of technical evidence that traders appear to be experiencing indecision. What are key levels to watch?