Daily rig counts are falling.
Natgas price took support at 2900 and breaks the resistance of 3000.
Natgas discovers new resistance at 3050.
In previous trade, the trading range was between 2900 and 3000. 2900 proved to be a strong support zone.
With the discovery of new Resistance zone, I am assuming, today Natgas will try to make a new support zone.
To my assumption, this new support zone will be at 2950.
And here's my thought process behind it -
In previous few trading sessions, 2950 has acted as temporary resistance.
It acted as a resistance on Wed 20th, Wed 27th, Thu 28th, Tue 3rd.
It acted as support on Oct 1st.
So, to my understanding, The new support should be 2950.
Whether it will be a strong support or weaker one. Only price action will tell us in coming days.
Ending here.
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