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Natural Gas Price Analysis for November 22, 2023
Natural gas has formed lower highs and slightly lower lows to consolidate inside a falling wedge pattern on its hourly time frame. Price is down to the wedge support and might be due for another bounce. In that case, natural gas could recover to the wedge resistance around $2.800. This is near the 100 SMA dynamic inflection point, which adds to its strength as a ceiling. On the subject of moving averages, the 100 SMA is below the 200 SMA to indicate that the path of least resistance is to the downside. In other words, the wedge top is more likely to hold than to break. If selling pressure is strong enough, natural ... (full story)