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Natural Gas Price Analysis for January 26, 2024
Natural gas broke through its descending trend line on the hourly time frame to signal that a reversal from the downtrend is in order. Price is pulling back to the former trend line resistance that lines up with the Fib retracement levels. In particular, the 61.8% Fib is holding as support and might be enough to lift natural gas back up to the highs around $2.587 near the 200 SMA dynamic inflection point or higher. On the subject of moving averages, the 100 SMA is still below the 200 SMA to signal that the path of least resistance is to the downside. In other words, there’s still a chance the downtrend might resume ... (full story)