Natural Gas: Is It Going To Fall (Pre-Inventory Update)

Natural Gas has been clearly in consolidation for the past one week trading in the wide range of 270 and 284. Natural Gas is currently forming a descending triangle on hourly charts. And even a kind of head shoulders pattern is also visible on the charts. 

Natural Gas is trading near the current support areas of 273 which if broken and sustains below it for at least 1 hour then fall of almost 12 points can be seen. Furthermore, the commodity is trading with negative crossover of 8 and 39 EMA which adds to bearish stance on the commodity.

But if markets saw recovery from these levels then the current resistance is near 276.50 levels. The break of 276.50 can even bring 10-12 points rally in this commodity. 

So one can position itself in this commodity accordingly and must maintain their stop losses on either side. 

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