NYMEX Natural Gas still looks indecisive as it trades even at $2.71

It's been more of the same this session on the back of 5 days of flat trade, Today's session so far looks to be heading in a similar way — without a clear-cut direction, US Natural Gas is trading around $2.71 per MMBtu and ranging between $2.69 and $2.71.

Uncertainty around Natural Gas is reflected by published market data as United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released today at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) came out at 41.8.

Natural Gas made an initial break below its 10 day Simple Moving Average at $2.71, a possible indication of a forthcoming negative trend. In contrast, NYMEX Natural Gas is approaching key support, around 4 cents away from $2.67. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests NYMEX Gas is positioned for a downward move in the near term.

Trading mostly sideways for a month. NYMEX Natural Gas is now trading 72% below the significant high of $9.68 it set around 10 months ago.