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Natural Gas Price Analysis for June 20, 2024
Natural gas recently fell through a short-term rising trend line on its hourly time frame and might be in for a retest of the former support. The Fibonacci retracement tool shows nearby potential resistance levels. Price is testing the 61.8% Fib at $2.877, and holding as resistance could send the commodity price back down to the swing low at $2.668 or lower. The 100 SMA has crossed below the 200 SMA after all, suggesting that resistance is more likely to hold than to break. Then again, natural gas has climbed above both moving averages, so these could hold as dynamic support on dips. Stochastic is on the move up but ... (full story)