NGCUSD

US natural gas futures continue to remain under pressure due to the increase in stocks; however, the approach of winter months with colder weather and expectations of a production decline are creating a balanced view in the market. Monitoring the trends of European and US stock exchanges could impact natural gas prices. The mixed trend observed in Japanese and Asian markets along with US interest rate policy expectations are creating uncertainty in global markets. The US dollar's intraday depreciation and subsequent recovery can indirectly influence natural gas prices.

The NGCUSD parity is technically trading within the 3.150 - 3.215 range. If the parity falls below the 3.150 level, the support levels of 3.125 and 3.100 could be targeted. Conversely, the 3.215 resistance may play an important role in recovery movements. Closures above this level may lead the parity to test the resistance levels of 3.260 and 3.295. The RSI indicator can be considered for a clearer evaluation of the market's technical outlook. However, the 5.97% rise during the day is noteworthy, indicating that one should remain vigilant about price movements in the short term.