Natural Gas prices have little reason to go either way in these conditions. Gas flow into Europe remains fragile and exposed, with any interruption enough to send Gas prices a few percentages higher. Meanwhile, easing tensions in the Middle East and Europe’s ability to secure enough Gas before the next heating season looks to be a bearish element that limits continuous upside price moves.
The pivotal level near $3.08 (March 6, 2023, high) remains key after its false break last week. In addition, the red descending trendline at $3.10 will also weigh on this area as a cap. Further up, the fresh year-to-date high at $3.16 is the level to beat.
On the downside, the 200-day Simple Moving Average (SMA) acts as the first support near $2.54. Should that support area fail to hold, the next target could be the pivotal level near $2.14, with interim support by the 55-day SMA near $2.46. Further down, the biggest support comes at $2.19 with the 100-day SMA.
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