NATURAL GAS BULLISH OUTLOOK

NATURAL GAS have shown bullish movement, despite the unusual weather in the beginning of June. Several factors are determining the price movement, most significantly of which is the debt ceiling suspension. It might still influence the price of the commodity until Fed announces its final decision.

On a technical note, the instrument it’s with bullish tendencies, since the last low of 2.177 is above the previous low of 2.065. The MACD histogram, although still below 0, is rising and the fast moving average is crossing the slow moving average. Same with the RSI indicator, where the slow moving average is moving above the 50 neutral line.

If the current movement continues, the price might target prices of 2.36. In the opposite scenario, if the price falls below 2.242, it might reach the support of 2.193

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