Natural Gas Price Analysis: Struggles for a recovery above $2.20 despite tax credits by US DollarIndex YieldCurve SupportResistance Reversal ChartPatterns
outlook due to a delay in the Summer season in North America. This has postponed the requirement of natural gas for cooling homes from the sheer heat. Meanwhile, contracting manufacturing activities in theUS President Joe Biden has introduced some tax credits for energy companies, which are working on clean energy, as reported by Reuters. No doubt, that tax credits would be a motivating factor for companies but subdued demand would keep the upside for the Natural gas price restricted.
Meanwhile, the US Dollar Index has shown some recovery after printing a fresh monthly low at 101.45. Solid US Treasury yields have provided some cushion to the USD Index. Natural Gas futures have shown a decent recovery after defending further downside near 2.10 on an hourly scale. The asset has formed a Double Bottom chart pattern, which indicates a bullish reversal after a long period of a downside journey. Potential resistance is placed from March 31 high at $2.26.For an upside move, the asset needs to break above the immediate resistance of $2.20, which will drive the asset towards March 28 high around $2.25 followed by March 27 high at $2.29.
On the flip side, a break below March 30 low at $2.09 would expose the asset to a fresh two-year low near the psychological resistance at $2.00.
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