XNGUSD PULLED BACK FROM 3.3000 RESISTANCE LEVEL. WHERE TO GO NEX

XNGUSD PULLED BACK FROM 3.3000 RESISTANCE LEVEL. WHERE TO GO NEXT?

This Monday natural gas prices have successfully broken down bearish wedge formation. As we may observe, the price went down through all major support levels, establishing a new short-term bearish trend. Recently the price broke through the 3.3000 and successfully retested it. It is crucial, due to this level is the last mid-term major support before the 3.000.

Additionally, the weather in the vast area U.S. is supposed to be milder at the end of July - beginning of August, which would curb nat-gas demand from electricity providers for air conditioning usage. To sum up, the decline towards 3.000 level is expected.