Natural Gas prices have seen a slight increase, with the commodity currently trading at $2.367. This marks a small gain of 0.04%, although prices continue to remain below the key pivot point of $2.39. Should this level be surpassed, it could indicate a move toward a more bullish trend. In such a scenario, the first level of resistance would be at $2.46, followed by additional resistance at $2.53 and $2.60. On the other hand, if prices start to decline, there is support at $2.31, with further support levels at $2.27 and $2.23.
From a technical perspective, Natural Gas is considered oversold at present. A series of doji candles have started to form, signalling that the recent downward trend might be coming to a pause. The 50-day Exponential Moving Average (EMA) is positioned higher at $2.50, while the 200-day EMA stands at $2.61, both acting as resistance points. Although the market remains bearish while prices stay below $2.39, breaking through this level could potentially lead to upward momentum in the near future.
Diversified Energy Company plc (LON:DEC) is an independent energy company engaged in the production, marketing, transportation and retirement of primarily natural gas and natural gas liquids related to its U.S. onshore upstream and midstream assets.
