The market's heightened sensitivity, compounded by upcoming U.S. elections and potential Federal Reserve policy adjustments, continues to support volatility in oil and natural gas prices as traders brace for further price fluctuations.
Natural Gas (NG) prices are hovering around $2.90, up 0.21%, showing a slight upward momentum. On the technical front, immediate resistance is seen at $2.44, followed by $2.50 and $2.55. If prices break above these levels, it could signal further gains.
On the downside, support lies at $2.30, with additional levels at $2.22 and $2.16. The 50-day EMA at $2.35 is a crucial pivot point -- prices staying above this level would indicate a bullish trend.
However, if prices dip below it, we could see increased selling pressure, particularly with the 200-day EMA at $2.48 acting as a key resistance for upward movement. Keep an eye on these levels for any shifts.