Natural Gas Price Rejected at Resistance – Bears in Control
- The current price ($3.692) is trading below the 20-day simple moving average (middle Bollinger Band), indicating short-term weakness. This often suggests bearish momentum when combined with a failure to close above the mid-band.
- In early May, price touched or neared the upper Bollinger Band and was rejected. This indicates strong selling pressure and the inability of bulls to sustain higher prices.
- Volume appears higher on red (down) days, while up days have relatively lower volume, suggesting distribution and lack of bullish conviction.
- Recent daily candles show long upper wicks, further confirming selling pressure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.