Natural Gas Futures: A corrective decline appears in store

Pablo Piovano FXStreet

Considering advanced prints from CME Group for natural gas futures markets, open interest shrank by nearly 3K contracts after four daily builds in a row on Monday. On the flip side, volume increased by around 24.7K contracts amidst the ongoing erratic performance.

Natural Gas looks supported by the 100-day SMA so far

Prices of natural gas extended the recovery on Monday. The daily uptick, however, was amidst shrinking open interest, which leaves the door open to some corrective move in the very near term. That said, the provisional 100-day SMA near the $2.50 mark per MMBtu initially emerges as a decent contention area for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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