9 Dec 2014
Natural Gas bounces back, up 2%
FXStreet (Mumbai) - Natural Gas futures on NYMEX jumped 2% today, as investors returned to the market to close out bets on lower prices, after natural gas prices crashed 3% during the previous session.
Natural Gas futures for January delivery trades at USD 3.666/mmBtu levels, up 1.96% compared to previous session’s close of USD 3.595/mmBtu. The upside momentum in Natural Gas prices was also seen on forecasts of cold weather in the first two weeks of December which expected to stoke demand for the heating fuel. The reversal seen in oil prices may also support Natural Gas prices.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.70 (50-day SMA), above which gains could be extended to 3.724 (100-day SMA) levels. Meanwhile, support is seen at 3.54 (Nov 17 Low), below which it can extend losses to 3.49 (Nov 10 Low) levels.
Natural Gas futures for January delivery trades at USD 3.666/mmBtu levels, up 1.96% compared to previous session’s close of USD 3.595/mmBtu. The upside momentum in Natural Gas prices was also seen on forecasts of cold weather in the first two weeks of December which expected to stoke demand for the heating fuel. The reversal seen in oil prices may also support Natural Gas prices.
Natural Gas Levels to consider
Natural Gas prices have an immediate resistance located at 3.70 (50-day SMA), above which gains could be extended to 3.724 (100-day SMA) levels. Meanwhile, support is seen at 3.54 (Nov 17 Low), below which it can extend losses to 3.49 (Nov 10 Low) levels.