Gas has broken through the support on the 4-hourly timeframe. Key support sits at ?62.30.

From a technical perspective, gas is currently trading at around €63.13. On the 4-hourly timeframe, it has broken through the lower support trendline of the triangle as shown on the graph. Further support sits at €62.30. A break below €62.30 could see the price of gas slide towards the low €60's. However, with the winter season approaching and weather temperatures already dropping below 0 degrees Celsius, consumers will be using more energy than usual. Hence, demand will increase. Britain is forecasted to see the highest daily residential gas demand since January 8th 2021 at 281 million cubic metres per day. Therefore, towards the upside, resistance sits at €63.99 and then at €64.15, A break above these price levels may see the price hike towards the €65-66 price range. Looking at the technical indicators, MACD is currently negative but RSI is neutral as it reads 45.