US Natural Gas went up 12.3 cents, closing at $2.73 and building up on its four days of gains

A quick look at yesterday: Natural Gas closed yesterday at $2.73 per MMBtu (with a daily low of $2.52) after ending Thursday at $2.61 and gaining 4.72%.

Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 166,500, while the previous figure was 155,100. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.

Despite posting gains on yesterday, Natural Gas slid below its 5 day Simple Moving Average at $2.59 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $2.8, thereby suggesting that Natural Gas is becoming overvalued. US Natural Gas is 8 cents away from testing key resistance at $2.81. Peaking above this level could inspire market bulls and open the path to further gains.

Technical analysis of Natural Gas price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

Though US Natural Gas is going up, other Energy are underperforming — Heating Oil is down to $2.42, losing 4.56 cents, after ending the previous session around $2.47.

Other Energy showed mixed performance as Brent Crude Oil moves 0.24% yesterday and closed at $74.14.

Having set a significant high of $9.68 10 months ago, NYMEX Gas is trading 73.06% lower.