8 Dec 2014
Natural Gas prices sinks, likely to test 50-day SMA levels
FXStreet (Mumbai) - Natural Gas futures on NYMEX declined today, after a short revival seen in the previous session on the back of short-covering.
Currently, Natural Gas futures for January delivery trades at USD 3.734/mmBtu levels, down -0.79%, compared to previous session’s close of USD 3.802/mmBtu. The bearish trend in Natural Gas prices continues on forecasts for milder temperatures to settle in across U.S. in December. Depressed oil prices are also weighing on Natural Gas prices.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.746 (10-day SMA), above which gains could be extended to 3.762 (20-day SMA) levels. Meanwhile, support is seen at 3.724 (50-day SMA), below which it can extend losses to 3.696 (Oct 29 Low) levels.
Currently, Natural Gas futures for January delivery trades at USD 3.734/mmBtu levels, down -0.79%, compared to previous session’s close of USD 3.802/mmBtu. The bearish trend in Natural Gas prices continues on forecasts for milder temperatures to settle in across U.S. in December. Depressed oil prices are also weighing on Natural Gas prices.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.746 (10-day SMA), above which gains could be extended to 3.762 (20-day SMA) levels. Meanwhile, support is seen at 3.724 (50-day SMA), below which it can extend losses to 3.696 (Oct 29 Low) levels.