Natural Gas (XNG/USD) trades broadly steady on Monday after the rally seen on Friday, when prices escalated to the highest level in more than three months.
Natural Gas prices are trading flat this Monday, holding onto the prior week’s gains. Traders see reasons for both easing and rallying in the price action. The US Dollar Index opens above 105.00 in a technical bounce. Natural Gas trades broadly steady on Monday after the rally seen on Friday, when prices escalated to the highest level in more than three months.
This equilibrium should see prices trade in a new bandwidth that is near $2.10 on the downside and $2.50 on the upside for May. On the upside, the next level to watch is the January 25 high at $2.33. Once through there, prices could steamroll towards the 200-day Simple Moving Average at $2.54. On the downside, a double belt is awaiting to provide support with the 100-day SMA at $2.09 and the pivotal level at $2.11 .. Should the support not hold above $2.
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