Natural gas futures daily chart shows downward pressure that could break support
Daily Breakdown Could Expose $2.95 Support
On the daily chart, near-term support is defined by the 200-day moving average near $3.08 and Friday’s low of $3.06. A break below Friday’s low will target the lower uptrend line, along with the rising 50-day moving average, now near $2.95, which is aligned with the trendline. Keep in mind that since natural gas has now been rejected from resistance near the top of the rising channel, the lower end of the channel becomes a potential target, adding to the possibility that support near the 50-day moving average is tested. Since the moving average is rising it may be above the 20-week moving average before price reaches it.
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