Rising wedge and 100-period SMA
The four-hour chart can give a better near-term picture of what the heating commodity could face in the week ahead.
Last week, prices confirmed a breakout under a Rising Wedge chart formation, opening the door to extending losses. But, natural gas was unable to clear under the 100-period SMA, which reinforced it as key support. Prices are idling around the ceiling of a former rectangle chart pattern at 2.238.
Clearing this resistance exposes the 61.8% Fibonacci retracement level at 2.373. Otherwise, falling under the 100-period SMA may open the door to revisiting the February low.
Natural gas four-hour chart
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