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Natural Gas Price Analysis for March 13, 2024
Natural gas is resuming its longer-term slide, as price retreated from the $1.980 levels and is now setting its sights on the bearish targets marked by the Fibonacci extension tool. The 38.2% level is at $1.572, then the 50% level is at $1.447. Stronger selling pressure could take natural gas down to the 61.8% level at $1.321 or the 76.4% level at $1.165. The full extension is at $0.914. The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to gain traction. Price is testing the dynamic resistance near the moving averages, and it seems that ... (full story)