Natural Gas - maybe some consolidation ahead of the weekend with the potential of the MACD forming a bullish divergence still at play

Natural Gas - maybe some consolidation ahead of the weekend with the potential of the MACD forming a bullish divergence still at play

Natural gas could be in search for some ground here. Currently trading at around $2.221, it seems like some consolidation may be underway ahead of the weekend. We can see that on Tuesday sellers tried to push the price lower, which the market rejected leading to a small bounce. The resistance now clearly sits at $2.376 (yesterday’s high), a break above it would then position the bulls to eye up roughly $2.500 (18^th December on hart) as that would be the next point of resistance from a technical aspect. Support is now at Tuesday’s low of $2.112, with the key support still at $2.064 (white trendline). Looking at the technical indicators, the MACD is still at play here in potentially forming a bullish divergence, now sitting along the trendline. Additionally, the RSI has edged its way higher and away from oversold territory.