NATGAS extends a massive intraday gain and is now trading over 8% higher on the day! From a technical point of view, the commodity is approaching a key psychological resistance zone in the $2.00 per MMBTu area. A break above this zone could in theory invalidate a weeks-long downtrend and hint at further gains. NATGAS is trading around 30% above 4-year lows reached in mid-February 2024. However, around 5 percentage points of this gain came from contract rollover.
Should we see a break above the $2.00 area, the next potential resistance to watch could be the 50-session moving average (blue line on the chart below). On the other hand, should sellers regain control over the market and erase today's gains, the $1.864 per MMBTu area should be seen as the first support zone to watch. We wrote about today's NATGAS price jump in more detail here.
Source: xStation5
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