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Natural Gas struggles near 10-SMA support

FXStreet (Mumbai) - Natural Gas prices in the US are trading near the 10-SMA level of USD 4.224, after having faced rejection at the 200-SMA level earlier today.

Natural Gas traded 2% lower at USD 4.255/mmBtu at the time of writing, compared to the previous session’s close of USD 4.341 levels. The commodity faced rejection today at the 200-SMA level at USD 4.3066 levels. Moreover, the prices had soared yesterday to their biggest one-day gain, as traders and investors priced-in below-normal temperatures that may stoke heating demand.

The commodity is likely to trade strong as the updated weather forecast models show slightly more cold over the next two weeks in the lower 48 states in the US. Meanwhile, some analysts also expect this week's Energy Information Administration reading on stockpiles to show the first inventory decline of this season.

Natural Gas Technical Levels

Natural Gas has an immediate support of 10-SMA at 4.2227, under which the losses could be extended to 4.184 levels. Meanwhile, the resistance is seen at 4.3065 and 4.347 levels.

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