Natural Gas Prices Continue to Plummet Amidst High Production and Warmer Weather

Natural gas is experiencing a bearish retracement, with sellers in control and a potential continuation of the downtrend. The failure of the long-term downtrend line to hold as support further indicates a bearish outlook. The next target for natural gas is around $2.22, based on an extended falling ABCD pattern. The breakdown of a large bearish flag and the confirmation by moving averages add to the bearish sentiment, with the 1.95 trend low at risk of being tested as support.