FX.co ★ Natural gas, as long as it does not break above the 4.305 level, has the potential to continue its weakening throughout the day.

[Natural Gas]

With all technical conditions supporting the weakness in #NG, starting from the Death Cross condition between EMA(50) and EMA(200) along with the RSI(14) positioned in the Neutral-Bearish zone, the downward trend in Natural Gas seems to dominate today.

Key Levels

1. Resistance. 2 : 4.305

2. Resistance. 1 : 4.170

3. Pivot : 4.081

4. Support. 1 : 3.946

5. Support. 2 : 3.857

Tactical Scenario:

Pressure Zone: If the price of Natural Gas breaks down below 3.946, it could move toward 3.857.

Momentum Extension Bias: If 3.857 is broken, there is a high probability that Natural Gas will continue its decline down to 3.722.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of #NG unexpectedly strengthens and breaks above 4.305.

Technical Summary:

EMA(50) : 4.066

EMA(200): 4.304

RSI(14) : 36.93

Economic News Release Agenda:

Today, during the U.S. session, several important economic data releases will occur as follows:

US - ADP Weekly Employment Change - Tentative

US - Average Hourly Earnings m/m - 20:30 WIB

US- Core Retail Sales m/m - 20:30 WIB

US - Non-Farm Employment Change - 20:30 WIB

US - Retail Sales m/m - 20:30 WIB

US - Unemployment Rate - 20:30 WIB

US - Flash Manufacturing PMI - 21:45 WIB

US - Flash Services PMI - 21:45 WIB

US - Business Inventories m/m - 22:00 WIB

US - API Weekly Statistical Bulletin - 04:30 WIB