Natural gas has plummeted to near-term support, threatening its rising trend structure. The 20-Day moving average (MA) served as a barrier to intraday declines, but if the natural gas price closes below this level today, it will signal a change in character.
The more significant concern is the 50-Day MA, currently at 3.13, which has shown potential support above the top boundary line of a symmetrical triangle pattern. This trend line also coincides with the initial triangle breakout trigger at 3.02 and the recent swing low at 2.98.
A bearish weekly chart reinforces this warning, displaying ominous signs and bearish momentum. A bearish shooting star candle is predicted for today, with a likely close near the week’s lows. The ongoing pattern suggests a continuation lower if sellers maintain control below this week’s low.
Source: https://www.fxempire.com/forecasts/article/natural-gas-price-forecast-faces-bearish-break-below-key-support-levels-1487919