Analysis of natural gas futures' movements on different time frame charts reveals that the bulls could turn aggressive above $5.314 on Tuesday amid growing volatility.
Global energy crises could turn the whole scenario in favor of natural gas bears. But growing seasonal demand for US natural gas by European and Asian countries could mean the bulls remain on the offensive.
In today's move, natural gas futures have found strong buying support below $5.170 that ensures a strong reversal from here towards $6.063 before the announcement of weekly inventory Thursday.
Undoubtedly, the natural gas futures might face stiff resistance, but the overall direction could remain upward till this weekly closing.
On the other hand, if the natural gas futures could not defend the support at $4.931, the whole scenario could turn bearish, encouraging the natural gas bears to test $4.474.
Undoubtedly, the global energy crises have extended the uncertainty of global economic recovery caused by the denting impact of COVID-19.
The world's dependence on fossil fuels is growing despite increasing pollution and changing weather conditions globally.
Conclusion
The series of weekly injections indicate rising bearish pressure.
However, demand will grow this winter, and this could encourage bullish moves during the upcoming week.
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