[Natural Gas]
With all technical conditions supporting the weakness in #NG, starting from the Death Cross condition between EMA(50) and EMA(200) along with the RSI(14) positioned in the Neutral-Bearish zone, the downward trend in Natural Gas seems to dominate today.
Key Levels
1. Resistance. 2 : 4.305
2. Resistance. 1 : 4.170
3. Pivot : 4.081
4. Support. 1 : 3.946
5. Support. 2 : 3.857
Tactical Scenario:
Pressure Zone: If the price of Natural Gas breaks down below 3.946, it could move toward 3.857.
Momentum Extension Bias: If 3.857 is broken, there is a high probability that Natural Gas will continue its decline down to 3.722.
Invalidation Level / Bias Revision:
The downside bias is restrained if the price of #NG unexpectedly strengthens and breaks above 4.305.
Technical Summary:
EMA(50) : 4.066
EMA(200): 4.304
RSI(14) : 36.93
Economic News Release Agenda:
Today, during the U.S. session, several important economic data releases will occur as follows:
US - ADP Weekly Employment Change - Tentative
US - Average Hourly Earnings m/m - 20:30 WIB
US- Core Retail Sales m/m - 20:30 WIB
US - Non-Farm Employment Change - 20:30 WIB
US - Retail Sales m/m - 20:30 WIB
US - Unemployment Rate - 20:30 WIB
US - Flash Manufacturing PMI - 21:45 WIB
US - Flash Services PMI - 21:45 WIB
US - Business Inventories m/m - 22:00 WIB
US - API Weekly Statistical Bulletin - 04:30 WIB
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