Natural Gas eases from three-month high as traders take profits

Natural Gas prices are undergoing some profit-taking on Tuesday. Israel has started its ground offensive in Rafah while ceasefire talks don’t bear fruits. The US Dollar Index ticks up on Tuesday after closing above 105.00. Natural Gas retreats from the peak at $2.40 seen on Monday after markets were pricing in more risk premium on the heated-up situation in the Middle East.

With the drift further away from substantial support levels, traders entering at elevated levels need to keep in mind that a correction can occur, and this will become more brutal as this rally sets sail towards $2.54 as the first nearby profit target. On the upside, the January 25 high at $2.33 has been broken and the high of Monday at $2.40 is taking its place. Once through there, prices could steamroll towards the 200-day Simple Moving Average at $2.54.

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