Natural Gas

With all technical conditions supporting weakness in #NG, then in the near term Natural Gas has the potential to test its nearest support level.

Key Levels

1. Resistance. 2 : 2.685

2. Resistance. 1 : 2.613

3. Pivot : 2.558

4. Support. 1 : 2.486

5. Support. 2 : 2.431

Tactical Scenario

Pressure Zone: If the price breaks down below 2.486, there is potential for continued pressure toward 2.431.

Momentum Extension Bias: If 2.431 is broken to the downside, there is potential for the weakening to continue to 2.359.

Invalidation Level / Bias Revision

The downside bias is restrained if the price strengthens and breaks above 2.685.

Technical Summary

EMA(50) : 2.543

EMA(200): 2.594

RSI(14) : 40.54

Economic News Release Agenda:

Today the United States will release the following economic data:

US - ADP Weekly Employment Change - 19:15 WIB

US - HPI m/m - 20:00 WIB

US - S&P/CS Composite-20 HPI y/y - 20:00 WIB

US - CB Consumer Confidence - 21:00 WIB

US - Richmond Manufacturing Index - 21:00 WIB

US - API Weekly Statistical Bulletin - 03:30 WIB