NGCUSD

U.S. natural gas futures faced profit-taking after rising on expectations of declining supply. The decrease in liquid natural gas exports from Russia is increasing the search for alternative sources in European and Asian countries, while also boosting demand for U.S. liquefied natural gas. Stock movements in Europe and the U.S. can be closely monitored throughout the day.

If pricing continues to remain below the resistance level of 2.960 - 2.990, a downward trend may be prominent. In case of potential declines, levels of 2.930 and 2.900 could be targeted. However, if the resistance of 2.960 – 2.990 is breached, hourly closings may bring levels of 3.020 and 3.060 into focus. Important level of the day: 2.960 – 2.990.