Natural Gas Price Analysis: XNG/USD retreats towards $2.34-35 support confluence Gas Technical Analysis Commodities Energy ChartPatterns
Failure to cross one-month-old descending resistance line favor pullback moves.Natural Gas price prints the first daily loss in three as bears prod $2.42 level during early Monday morning in Europe.
Given the sluggish MACD signals, the XNG/USD’s latest retreat is likely to extend towards short-term key support of around $2.35-34 comprising the 100-bar SMA, 200-bar SMA and a three-week-old ascending trend line. Alternatively, an upside clearance of the aforementioned resistance line, close to $2.48 at the latest, can convince the Natural Gas buyers to aim for the latest swing high surrounding $2.58.
To sum up, the Natural Gas price remains on the bear’s radar but the road towards the south appears long and bumpy.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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