NGAS

Natural Gas prices traded quietly yesterday after some profit taking on Wednesday, with investors looking to take some profits from long positions taken over the past few weeks. With the combination of recent supply problems and delays in deliveries, European gas reserves are not seeing the expected rapid depletion, which is affecting the price. As long as pricing remains at and above the 1.70-1.63 support level, an upward trend may be at the forefront in the upcoming period. In possible increases, 1.76 and 1.82 levels may be targeted. In possible decreases, as long as the 1.70-1.63 support level remains current, new upside potential may occur. Therefore, it may be necessary to see the course below 1.70 and 4-hour closings for the continuation of the downward desire. In this case, 1.58 and 1.52 levels may come to the agenda. Support: 1.70-1.63 Resistance: 1.76-1.82