After four days of declines, Natural Gas is up 3 cents today

NYMEX Natural Gas goes up to $2.26 per MMBtu, having dipped down to $2.18 earlier.

Although up today, early price action saw Natural Gas dropping below its 10 day Simple Moving Average at $2.19 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.35, thereby suggesting that NYMEX Natural Gas is becoming overvalued. Despite this, NYMEX Gas is currently trading around the $2.26 Fibonacci resistance level.

Overall, looking at the technical analysis landscape, it seems US Natural Gas is likely to reverse course and start pointing down in the short term.

This rally in NYMEX Natural Gas's price coincides with other Energy as having closed the previous session at $2.49, Heating Oil is up 1.65% today to currently trade at around $2.53. Brent Crude Oil added 1.04% to its value, now trading at $82.51. Crude Oil gained 1.14% and is now trading at $78.76.

Furthermore, the market is looking at tomorrow at 14:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 104 from the preceding figure of 104.2.

Furthermore, the market is looking at United States Building Permits is expected tomorrow at 13:30 UTC. United States New Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.

Over the past 8 months, NYMEX Gas has retreated 76.93% from a noteworthy peak of $9.68.