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Analysis of natural gas futures in a weekly chart indicates that despite an 81-degree fall in natural gas prices in the last nine weeks amid warm weather conditions at this time of winter seems to be an unnatural move.
This steep fall has propelled fear among the bulls, as the selling pressure has increased manifold, as natural gas futures had found a breakdown below 200 DMA, which is at $3.754 in a weekly chart.
Now, 200 DMA has become a significant resistance for the bulls, as every rally finds a sell-off during the last three weeks despite repeated attempts by the bulls.
On the other hand, $3 is a pivotal point for both the bulls and bears this time, while the winters still have to pass through a significant portion of this season despite a messy weather pattern for the next six days.
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