Natural Gas prices are trading substantially lower, away from that $2.00 marker which was crucial in its road upwards. Instead, with more and more Moving Averages (SMA) trending lower, it is nearly undeniable that Gas prices are stuck in a downturn and will soon test the low of 2024 at $1.60. This is good news for households, which are set to benefit from cheaper Gas.
On the upside, the key $2.00 level needs to be regained first. The next key level is the historic pivotal point at $2.12, which falls in line with the 55-day SMA at $2.13. Should Gas prices pop up in that region, a broad area opens up with the first cap at the red descending trend line near $2.40.
On the downside, again multi-year lows are nearby with $1.65 as the first line in the sand. This year’s low at $1.60 needs to be kept an eye on as well. Once a new low for the year is printed, keep an eye on $1.53 as the next supportive area
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