Natural Gas continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of Natural Gas is $ 2.26. Moving averages indicate a bearish trend, which remains strong. At the moment, we should expect an attempt to correct and test the resistance level near the area of 2.55. Further, the continuation of the fall in the gas rate in the region below the level of 2.05.
Natural Gas Forecast and Analysis October 23, 2019
In favor of reducing the quotes and prices for Natural Gas, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling natural gas prices will be a strong growth and a breakdown of the level of 2.45. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 2.95. A confirmation of the decline in quotes will be the breakdown of the lower boundary of the «Triangle» model and the closure of Natural Gas prices below the level of 2.15.
Natural Gas Forecast and Analysis October 23, 2019 suggests an attempt to grow and test the resistance level near the area of 2.55. Further, for the purpose continued drop below 2.05. Cancellation of the option of falling the price of natural gas will be a strong growth and a breakdown of the level of 2.45. This will indicate a continued rise in quotations to the area above the level of 2.95.