After closing at $6.24 yesterday, NYMEX Natural Gas began today at $6.17 with significant bullish sentiment driving NYMEX Natural Gas's price action higher. So far today, price action has drawn out a distinct $6.08 to $6.44 range.
Meanwhile, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. United States Consumer Price Index released yesterday at 13:30 UTC with a figure of 7.7%, while the previous figure was 8.2%.
Natural Gas is 3 cents away from testing key resistance at $6.41. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains so far today, US Natural Gas slid below its 10 day Simple Moving Average at $6.06 in earlier trade — an early indicator that a negative trend could be emerging. US Natural Gas's upper Bollinger Band® is at $6.83, this is a slight indication of a slowdown.
Examining the technical analysis landscape, US Natural Gas is likely to reverse course and start pointing downward in the short term.
A look at other Energy also shows upside as having closed the previous session at $86.47, Crude Oil is up 3.43% today to currently trade at around $89.44. Brent Crude Oil is up 2.72%. Heating Oil is up 1.81%.
NYMEX Natural Gas reached a significant high of $9.68 around 2 months ago but has lost 35.55% since then.