The energy commodity lost more than 30% in six trading sessions, the pair broke three support levels at our 38.2%, 50%, and 61.8% Fibonacci retracements, and it's aiming towards the 3.35 support.
The relative strength index is at 31% which could stop the pair from falling more, as we have not seen Natural Gas stay oversold since January 2020, which would allow the pair to start making progress and reverse the current downtrend although it is too early to say.
The Bollinger bands are very wide, the pair trades below the lower band, suggesting that the price is relatively low, this could incentivize traders to go long on the asset which could bring the price up a notch or two.
The short and long-term moving averages indicate that the downtrend will continue as, we are seeing a slight recovery in today's session, but nothing very significant, however, this could be the beginning of a reversal.
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