Natural gas futures for April ’15 delivery broke a key support level of $2.68 per mmBtu on Tuesday morning as traders and investors weigh a mid-March warm-up with oversupply concerns.
If the commodity were to close on Tuesday below $2.68, the next major level of support would be at its recent two-year low, which sits at $2.579. The low was made on February 6.
The MACD Signal Line recently crossed its Indicator Line, suggesting more downward price movement ahead. Likewise, the RSI at 41 is trending downward.
Volume has been low in the start of March, leaving little support to prop up the commodity. Traders and investors will look to Thursday’s Weekly Gas Storage Report from the EIA to determine the next major price move for this volatile commodity.
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