Natural Gas Prices Face Resistance Amid High Production and Market Pullback
Natural gas prices have fallen and tested the internal uptrend line as support, with an intraday bounce following. The combination of the uptrend line and the 50-Day EMA provide good reason to believe that the support zone will hold. However, the failure to hold above the 200-Day EMA for the second time indicates weakness and caution. The rising angle of ascent is at risk, but the intermediate trend represented by the 50-Day EMA is strengthening.