Natural Gas weekly trend remains down on daily and weekly basis. Prices are trading below 10 day EMA. Sell on rally to be taken as strategy till prices holds below 215 with SL above 224. MACD is in negative territory indicating bearishness. Key support is at 197. Breach of this level will likely take prices down to 185. Only trading above 230 will negate our bearish view. From weekly perspective we can expect prices to depict broad range bound movement between 220-200. Fresh selling trigger below 197.
Fundamentally, mild cold weather condition in US and ample supplies are putting pressure on natural gas prices which have depicted a fall to two year low. According to a Commodity Weather group, temperatures may be above normal in US this season.
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