Over the past two weeks, the price of natural gas has made two unsuccessful attempts to break above the weekly balance and MACD indicator lines. As of today, the price has returned below the key support level of 3.333.
The Marlin oscillator has also failed to enter positive territory and is now indicating a potential downward reversal. The nearest target at 3.086 is open. With a high degree of probability, the decline could extend well below this initial target — toward 2.643.
On the daily chart, the price held above the 3.333 level for six consecutive sessions, but all attempts to build upward momentum were thwarted by technical resistance from higher timeframes. The price is now heading toward a test of the 3.086 support level, which is being reinforced by the approaching MACD line. If the Marlin oscillator moves into the negative zone by that time, it would strengthen the potential for the price to break through this support and continue declining toward 2.847 (April low).
On the four-hour chart, the price has already consolidated below 3.333 and has moved downward past the MACD line — a clear sign of readiness to follow the downward trend of the higher timeframes. The Marlin oscillator is firmly in bearish territory.
The material has been provided by InstaForex Company - www.instaforex.com
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Natural Gas (NG)
Over the past two weeks, the price of natural gas has made two unsuccessful attempts to break above the weekly balance and MACD indicator lines. As of today, the price has returned below the key support level of 3.333.
The Marlin oscillator has also failed to enter positive territory and is now indicating a potential downward reversal. The nearest target at 3.086 is open. With a high degree of probability, the decline could extend well below this initial target — toward 2.643.
On the daily chart, the price held above the 3.333 level for six consecutive sessions, but all attempts to build upward momentum were thwarted by technical resistance from higher timeframes. The price is now heading toward a test of the 3.086 support level, which is being reinforced by the approaching MACD line. If the Marlin oscillator moves into the negative zone by that time, it would strengthen the potential for the price to break through this support and continue declining toward 2.847 (April low).
On the four-hour chart, the price has already consolidated below 3.333 and has moved downward past the MACD line — a clear sign of readiness to follow the downward trend of the higher timeframes. The Marlin oscillator is firmly in bearish territory.
The material has been provided by InstaForex Company - www.instaforex.com