Natural Gas price (XNG/USD) recovers its losses during the early European trading hours on Friday. XNG/USD currently trades near $2.89 per MMBtu, gain
ing 1.19% for the day. The Energy Information Administration revealed on Thursday that the weekly Natural Gas Storage Change for the week ending September 15 increased by 64B from the previous week of 67B.
From a technical perspective, Natural Gas price holds above the 50- and 100-day Exponential Moving Averages on the daily chart. It’s worth noting that the 50-hour EMA is on the verge of crossing above the 100-hour EMA. If a decisive crossover occurs on the daily chart, it would validate a Bull Cross, highlighting the path of least resistance for XNG/USD is to the upside. Meanwhile, the Relative Strength Index stands in bullish territory above 50, supporting the buyers for now.
The key resistance level for natural gas is located at $3.00, representing the confluence of the upper boundary of the Bollinger Band, a psychological round mark, and a high of September 20. A break above the latter will see the next barrier at $3.08 . Further north, the additional upside filter is seen around a high of January 24 at $3.30
On the flip side, the critical support level is located at $2.78. The mentioned level portrays the convergence of 50- and 100-day EMAs. The next contention level will emerge at $2.70 . Any follow-through selling below the latter will see a drop to $2.50 , and finally at $2.26 .
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