NGCUSD

U.S. natural gas futures faced profit-taking after showing some upward movement due to expected cold weather in late November. The performance of European and U.S. stock markets and the inventory figures to be released by the U.S. Energy Information Administration could impact pricing. Inflation in the U.S. aligning with market expectations and the rise in the Dollar index may play a significant role in the course of natural gas prices. Additionally, the increase in headline inflation and the possibility of a Fed rate cut in December are other factors shaping the markets.

From a chart perspective, when examining NGCUSD parity on the daily timeframe, the 2.91 level emerges as a critical support. If hourly closures occur below this level, declines to 2.88 and 2.85 levels may be experienced. In upward movements, the 2.975 and 3.01 resistance levels may be targeted. The RSI indicator is at 42, portraying a negative outlook. A slight decline of 0.07% compared to the previous day has been observed. The 2.91 – 2.95 range can be monitored as the key level of the day.