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Natural Gas Price Analysis for January 29, 2024
Natural gas formed lower highs and found support around $2.350, creating a descending triangle on its hourly time frame. Price is testing support and could be due for another bounce to resistance. However, the 100 SMA is below the 200 SMA to suggest that the path of least resistance is to the downside. In other words, the triangle bottom is more likely to break than to hold. Price is also trading below both moving averages as additional confirmation of selling pressure. Stochastic pulled out of the oversold region but is treading sideways to reflect consolidation. The oscillator has room to climb before reaching the ... (full story)