Daily Natural Gas
The current daily price of natural gas stands at 3.010, which is above both the 200-day moving average of 2.592 and the 50-day moving average of 2.994. This positioning above key moving averages suggests a bullish trend in both the medium and longer-term perspective.
The price is marginally above the minor support level of 3.002, indicating that this level could act as a pivot point in the short term. If it holds, it may reinforce the bullish trend; a breach below could indicate a shift towards bearish sentiment.
Furthermore, the price is currently positioned below the minor resistance level of 3.184, suggesting that overcoming this barrier could lead to further upward movement.
The main resistance at 3.434 remains a significant threshold to watch for a continuation of the bullish trend.
Overall, the market sentiment for natural gas appears bullish based on its current position relative to the moving averages and proximity to key support and resistance levels.
However, more detailed analysis suggests the tone of the market on Friday will be determined by trader reaction to the support cluster at 3.002 to 2.994. Look for a bullish tone on a sustained move over 3.002, and for a bearish tone to develop on a sustained move under 2.994.